ANZ’s job advertisement survey is well-known as a leading indicator of employment numbers in Australia. It reflects changes in demand for labour and it provides another measure of activity in the economy. There is also a fairly good inverse relationship between changes in Australia’s unemployment rates and changes in the RBA cash rate. Understanding the path of Australia’s unemployment rate has historically provided a reliable indicator of RBA rate changes.
Figures for October have been released and, after revisions, total advertisements were 1.4% higher at 169,600 (seasonally adjusted), up from September’s revised figure of 167,273. On a 12 month basis, job advertisements were 12.5% higher, a rise from September’s 12.3%.
(Readers may notice what appears to be a discrepancy between advertisement numbers in this article and the article published in October. ANZ state they have made certain changes to their survey which have changed the numbers but not the growth rates.)