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MNI BRIEF: ANZ Job Ads Ease; RBA Still Sees Tight Jobs Market

MNI (PERTH)
MNI (Perth)
True

The Reserve Bank of Australia is unlikely to take much comfort from ANZ Australian Job Ads data for September showing ads eased a modest 0.5% m/m. The decline followed a small revision to the August data but the job ads gauge is only 0.8% lower then its June peak. Job ads are 56.5% above their pre-pandemic levels. There is more than one vacancy per unemployed person.

ANZ still expects the unemployment rate to fall below 3% by early next year compared to 3.5% in August as calculated by the Australian Bureau of Statistics.

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The Reserve Bank of Australia is unlikely to take much comfort from ANZ Australian Job Ads data for September showing ads eased a modest 0.5% m/m. The decline followed a small revision to the August data but the job ads gauge is only 0.8% lower then its June peak. Job ads are 56.5% above their pre-pandemic levels. There is more than one vacancy per unemployed person.

ANZ still expects the unemployment rate to fall below 3% by early next year compared to 3.5% in August as calculated by the Australian Bureau of Statistics.

Keep reading...Show less