ANZ’s job advertisement survey is well-known as a leading indicator of employment numbers. It reflects changes in demand for labour and provides another measure of activity in the economy. Figures for March have been released and, after revisions, total advertisements were 0.3% higher for the month (previously -0.8%) and 7.0% higher for the year (previously 6.9%).
David Plank, ANZ’s Head of Australian Economics, said the figures were inconsistent with recent employment data. The unemployment rate fell from 5.7% in January to 5.9% in February but this latest survey suggests conditions in Australia’s labour market may be quite robust. He said, “While somewhat at odds with recent employment data, the improvement in job ads is consistent with other forward indicators such as our Labour Market Conditions Index and solid business conditions. As such, we continue to expect a gradual improvement in labour market conditions through 2017.”