ANZ’s most recent monthly job ads survey was released this week and it showed total ads rose by 2.4% (seasonally adjusted) in May and up 9.1% over the year. The comparable April figures were -0.6% and +6.4% (after revisions) respectively. Internet ads were up 2.9% for the month (+9.9% for the year) while newspaper ads fell 12.6% (-31.1% for the year). Advertising through newspapers now represents 1.3% of all job advertisements and is now essentially irrelevant from a sampling point of view.
ANZ described the results as “encouraging”, with the economy’s transition to non-mining activity occurring. “The rise in job ads is consistent with the strength in business conditions, which point (sic) to ongoing solid growth in the economy.” ANZ’s former senior economist Justin Fabo said the numbers indicated second quarter jobs growth will be slower “but still relatively solid.” AMP Capital’s Shane Oliver said the data implies the employment market is “still strong after appearing to slow a bit.”
