Good news on the economic front today with the release of ANZ Job Ads which rose another 1.3% in January to record the eight consecutive month of growth. The year on year growth rate sits at 10%.
ANZ Chief Economist Warren Hogan said the release was an “encouraging sign” but highlighted that “certain sectors” of the economy were doing better than others. This is especially the case with the relative strength of NSW job ads. Hogan said that, “is consistent with other indicators highlighting the state’s outperformance.”
Overall however Hogan believes that there remains a large number of retrenchments in “manufacturing and resources” which, “suggests that overall labour demand is struggling to keep pace with the flow of new workers into the economy.”
As a consequence Hogan see’s unemployment rising to 6.5% in 2015.