The ANZ has just released their Job Ads Chart Pack and it is good news for Australian workers and the economy with the ANZ saying unemployment is near its peak.
From the note:
There is now clearer evidence that labour demand is strengthening. Each of the main job ads/vacancies measures that we watch (including ANZ job ads) rose sharply in January or February and while some of this improvement may be somewhat overstated due to seasonal adjustment challenges the gains were largely consolidated in subsequent months.
Importantly the ANZ says:
- Labour demand has been strengthening in some of the large employing industries, including construction, education and health, as well as in the most populous states of NSW and Victoria.
- After declining very sharply since early 2011, the deterioration in mining job ads has slowed considerably, and even started to improve a little
- Overall ‘construction and mining labourer’ job ads in the non-mining states have trended comfortably higher over the past few months. Because of the cyclical nature of the housing cycle, these job ads have historically provided a strong lead on developments in overall job advertising.
This is unequivocally good news for Australian workers and the economy but the ANZ says to keep an eye on and non-mining job growth which will be a lead to the future of interest rates which aren’t expected to move higher until 2015.