The Australian job market has shown signs of improvement with job advertisements rising for the fourth consecutive month in November.
According to data from ANZ
, job advertisements lifted by a promising 1.3% over the month of November. Over the year, job ads are up 12.3%.
“Australia’s labour market continues to send positive signals about the current state of the economy,” ANZ
co-head of Australian economics Felicity Emmett said.
“Overall activity is clearly being supported by labour intensive services industries. This was borne out in last week’s national accounts which showed ongoing subdued activity in a range of goods industries but strong growth across a range of services industries. This has been reflected in hiring and jobs growth.
“There is also evidence that fiscal restraint by governments has eased overall and public sector hiring has picked up. Overall employment growth has also been supported by relatively weak wages growth.”
However, Emmett says the unemployment rate is expected to remain at “unsatisfactory” levels.
“We expect the unemployment rate to broadly track sideways around 6% until later next year which would be an unsatisfactory outcome in our view. We see jobs growth slowing in 2016 as the boost from strong property market activity and the lower currency begins to wane.
“There is a risk, however, that job ads are signalling that employment growth could remain relatively strong for some time yet and the unemployment rate could decline a little.”