A widely-watched survey shows that job ads fell in March after nine previous months of gains.
ANZ’s job ads series recorded a 1.4 per cent fall last month, with both internet and newspaper ads declining.
While the seasonally adjusted figures fell, the more stable trend data have risen again for the 17th consecutive month, and job ads are up 9.3 per cent over the past year.
ANZ’s chief economist Warren Hogan said the level of job ads remains elevated, despite two months of slowing growth and the March fall to kick-off 2015.
However, he also said the number of new jobs appears to be failing to keep up with a combination of strong population growth and large job losses in certain sectors.
“This may suggest that peak growth in job advertisements has now passed,” he warned in the report.
“Despite this slowing, there is still a large divergence between this elevated levels of job advertisements, and continued upward momentum in the unemployment rate.
“This likely reflects that job losses in areas such as mining and manufacturing are causing a greater inflow of labour than other sectors of the economy are capable of absorbing.”
ANZ is forecasting a Reserve Bank cash rate cut to 2 per cent later this afternoon as unemployment remains firmly stuck well above 6 per cent and economic growth continues to be sluggish.
news source & image credits: abc.net.au