ANZ Job Ads: modest decline reverses the prior month’s gain

• On a seasonally adjusted basis, ANZ Australian Job Advertisements fell 0.3% in November reversing the prior month’s gain. On an annual basis, growth slowed to 2.3% in November (vs 3.7% in October). This is the slowest annual growth in ANZ Australian job ads since May 2015.
• In trend terms, job ads fell by 0.2% m/m for the sixth consecutive month. Job ads grew 2.9% y/y to November in trend terms (down from 3.9% y/y in October), also the weakest result since May 2015.

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ANZ’S HEAD OF AUSTRALIAN ECONOMICS, DAVID PLANK, COMMENTED:

“ANZ Australian Job ads have effectively tracked sideways since the start of the year, with the annual growth rate losing momentum as a consequence. The level of job ads is still consistent with ongoing employment growth, however. More generally, a variety of labour market indicators point to further employment gains and a lower unemployment rate. We would, however, be concerned to see job ads sliding.”

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