Australia and New Zealand Banking Group Senior Economist, Catherine Birch, in her note, said that the Australian “Job Ads are now at their lowest level since January 2017 (aside from the holiday-affected May result).”
Key Quotes:
“ANZ Job Ads resumed their downward trajectory in October, following some stabilization in September.
ANZ Australian Job Ads fell 1.0% m/m in October following a gain of 0.3% m/m in September. Job Ads are now 11.4% lower than a year ago.
In trend terms, Job Ads were down 0.3% m/m and 10.9% y/y.
The ANZ Job Ads series has been pointing to a material slowdown in employment growth for some time; yet employment growth has been remarkably resilient.
We don’t expect it can hold up for much longer though. In particular, employment in the construction industry should continue to fall as residential building activity contracts through to mid-2020. This will weigh on overall employment growth.”
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