By James Glynn
SYDNEY–Australian job ads weakened in April, though not by enough to dent expectations of continuing strong hiring and falling unemployment.
Australia & New Zealand Banking Group Ltd.’s monthly survey of job ads showed an on-month fall of 0.5% but remained close to its recent pandemic highs, David Plank, ANZ’s head of Australian economics, said.
“This supports our argument that demand for labor is still very high and should lead to continued strong employment gains,” he said. Job ads remain 57.3% above the prepandemic level.
Labor-market conditions are tight, as confirmed by an increase in newly registered job ads of 3.7%, or 10,200 new job ads, in March, according to the National Skill Commission’s Internet Vacancy Index.
Recent data from employment firm SEEK showed that job ads increased in 26 of 28 industry categories in March, with hospitality and tourism roles registering the greatest growth.
In addition, official data from the Australian Bureau of Statistics showed employment rose by 18,000 in March, while the unemployment rate declined to 3.95%, its lowest since 1974.
“We see the unemployment rate dropping well below 4% in the second half of 2022, which should reinforce the momentum toward higher wages growth,” ANZ’s Mr. Plank said.
Write to James Glynn at [email protected]
Credit: www.marketwatch.com /