JOB advertising appears to have stabilised after October figures reamined largely unchanged against September, the latest ANZ job advertising data has revealed.
The number of job advertisements dropped by .1% m/m last month, after increasing by .2% m/m in September, but numbers are still 12% lower than October last year and only 6% above the lowest level reached during the Global Financial Crisis.
“Trends in advertising appear to be stabilising after falling for most of the past three years and while conditions in the labour market remain quite soft, there are now signs emerging that much of the deterioration in the unemployment rate has already occurred,” ANZ chief economist Ivan Colhoun said.
“Further, the recent stabilisation in overall job advertising has been driven by a modest pick-up in hiring intentions in some of the non-mining states, particularly in NSW, which is a tentative, positive signal that the economy is beginning its necessary transition away from its dependence on the mining sector.”
The ABS will release its labour market report for October today. ANZ predicts the unemployment rate will have increased to 5.7%, but will remain between 5.75% and 6% for the coming six to nine months.
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