Published on March 8th, 2013 | by john.weir0
Australian job market on the rise
THE number of jobs advertised in Australian newspapers and on websites rose to their highest level since October, says The Australian.
The gains were driven by online jobs advertisements, which rose 3.3 per cent on month while newspaper advertisements fell by 2.9 per cent, according to the ANZ Job Ads survey. A string of sharp declines in the index through last year indicated a possible rise in the unemployment rate in coming months as a mining boom that has powered economic growth in recent years loses momentum.
The latest gain follows a 0.6 per cent rise in January, representing the first back-to-back gains since mid-2011. “The recent rise in job advertising over January and February suggests tentative signs of a stabilisation in hiring intentions,” said Ivan Colhoun, ANZ head of Australian economics and property research.
“In early 2013, there are again early signs of some stabilisation in hiring intentions which come as concerns about the global backdrop, including the US fiscal cliff, have moderated. The extent to which the increase in job advertising in January and February represents a similar temporary or sustained pick-up is unclear at this stage.”
Mr Colhoun said increased confidence in Australia along with lower interest rates should help the local employment market but he expected the unemployment rate to stay above 5 per cent for the first half of 2013.
“Rising Australian house prices, equity markets, consumer confidence and, to a lesser extent, business confidence in recent months are important signs that accommodative monetary policy should support stronger domestic economic activity,” he said.
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