ANZ says after posting a solid gain in August, ANZ job ads edged lower in September.
Job advertisements fell 0.3% m/m in September after a 1.7% rise in August. Annual growth in job ads slowed to 3.7% from 8.0% in the previous month. In trend terms, job ads rose 0.3% m/m and 5.2% y/y. While trend annual growth in job advertisements has slowed, it remains consistent with a gradual improvement in the labour market.
The fall is consistent with some loss of momentum in labour markets this year, and more recently, in surveyed business conditions. It is also consistent with the RBA’s business liaison which reported that some firms had taken a more cautious approach towards hiring.
That said, job ads and still-elevated business conditions continue to suggest that the labour market remains in good shape. Indeed, the rise in job ads over the past three months is consistent with moderate annual employment growth, which should be sufficient to underpin a further decline in the unemployment rate, albeit at a gradual pace
