ANZ’s monthly job ads survey was released showing ads were down 1.2% s.a. compared to January but up 8.2% from February, 2015. The comparable January figures were +0.9% and +10.8% respectively. Internet ads were down 1.6% for the month (+8.7% for the year) while newspaper ads rose 6.9% (-10.7% for the year). Advertising through newspapers is now close to non-existent and just a small percentage of internet advertising.
ANZ’s Justin Fabo described the result in terms of the job ads series as having “lost momentum so far in Q1” while ANZ thought the results may have reflected business uncertainty amid financial market volatility and negative economic news in February. ANZ chief economist Warren Hogan said, “Overall, the weaker trend in job advertising supports our view that hiring is slowing”. He advised future surveys should be watched closely given the doubts surrounding ABS employment numbers.