ANZ: Job Ads Strength Masks The Weak Outlook For Australian Employment

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ANZ Job Ads for December have just been released and show another rise with a gain of 1.8% month on month.

That’s seven rises in a row, with jobs ads trending higher for 14 months and a rise of 11.4% over the course of 2014.

That is the one bright spot highlighted by Gerard Minack in an Australian economy beset by numerous headwinds.

ANZ chief economist Warren Hogan said that even though job ads continue to rise, the improving trend is “at odds with the official employment data which continues to depict a rising unemployment rate”.

“In all likelihood, this divergence can be explained by a higher than usual rate of job losses in the economy,” Hogan said.

“The good news is that the economy continues to produce new employment opportunities. The bad news is that this has not been quite enough to counteract the flow of new workers into the economy plus the on-going loss of jobs in certain sectors.”

That means that “labour market conditions can be described as soft which will continue to cap wage increases”.

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