There are fewer and fewer jobs advertised each month.
The ANZ Bank’s monthly report shows job advertisements fell 0.3% in January from the previous month to be down around 3 per cent over 6 months.
However, there has been a marked slowing in the pace of deterioration.
In trend terms, the job ads contraction in January was the slowest rate of monthly decline since early 2012.
ANZ Chief Economist Ivan Colhoun says advertising/vacancies are not falling at the sharp pace seen earlier.
“This suggests that overall conditions in the labour market are also likely to stabilise in coming months,” he says.
The unemployment rate will remain for some time and may peak in the 5.75%-6% range.
Ivan Colhoun says:
One of the key uncertainties to the labour market outlook is the degree of job shedding that will occur when the significant wind-back in resources investment occurs, which we are forecasting from the middle of this year. After declining very sharply since early 2011, Department of Employment job vacancies data show that the deterioration in mining job ads has slowed considerably, and even improved in some areas, which could suggest some of the decline in labour demand associated with the imminent mining investment wind back may have already occurred.