The ANZ Job Ads have risen another 0.7% m/m in November, their sixth consecutive rise and their 13th month in an upward trend. The ANZ says ads are up 8.9% over the year to November.
Yet there is something remarkable going on Australia’s economy as previously unimpeachable indicators of the labour market, such as the ANZ Job Ads series, lose their relationship with the bureau of statistics data.
The ANZ said in a note accompanying the data:
A number of similarly forward-looking indicators suggest labour market conditions have improved, or at least stabilised, at a time when the underlying trend from the official labour market statistics is hard to garner.
Indeed it is, which makes this week’s employment data all the more important but equally difficult to forecast. We’ll have coverage here of the number when it’s out on Thursday.