Australian job ads up 7.4% in November -ANZ

FILE PHOTO: A sales assistant is seen through the window of a retail store with a job vacancies sign in central Sydney, Australia
FILE PHOTO: A sales assistant is seen through the window of a retail store displaying a job vacancy sign in central Sydney, Australia, December 5, 2016. REUTERS / Steven Saphore

December 6, 2021

SYDNEY (Reuters) – Australian job ads surged in November as the lifting of coronavirus containment measures sent a spike in demand for workers in Sydney and Melbourne, underpinning a rapid recovery in the economy. economy.

Monday’s figures from Australia and New Zealand Banking Group Ltd showed total job advertisements rose 7.4 per cent in November compared with October, when they rose 7.5 per cent.

That number remains 52 percent higher than a year earlier at 222,093, and 44 percent higher than pre-pandemic levels.

ANZ senior economist Catherine Birch said the report indicated that the official employment figures had strong resilience after an unexpected 46,300 drop in October and the unemployment rate rose to 5.2 per cent.

“Job ads suggest the unemployment rate should drop below 5% in the near term and we predict it will fall to around 4% by the end of 2022 and beyond,” Birch said. in 2023. “The unemployment rate is also likely to be much lower.”

The Reserve Bank of Australia is looking to reduce the unemployment rate to 4% or even lower in hopes of finally lifting wage growth after years of quiet gains.

The central bank holds its December policy meeting on Tuesday and is widely seen as certain to keep policy rates at a record low 0.1% and reiterate the outlook for no rate hike until at least. especially in 2023.

(Reporting by Wayne Cole; Editing by Christopher Cushing) Australian job ads up 7.4% in November -ANZ

Bobby Allyn

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