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Job advertisements continue to rise
14 January 2008
There is no indication of easing pressure on the tightening labour market with the latest ANZ Job Advertisements data showing that the total number of jobs advertised in major metropolitan newspapers and on the internet surged by 7.1% in December to a weekly average of 274,653 per week.
This is the strongest monthly increase since May 2007.
The total number of job advertisements last month was 31% higher than in December last year.
ANZ's Chief Economist, Saul Eslake, said, "The surge in the number of job advertisements in December indicates the demand for labour remains very strong."
"Since hitting a trough in August 2007, monthly trend growth has continued to pick up pace but still remains below the rates seen earlier in 2007. The forward nature of the relationship between the Job Advertisements series and employment suggests that employment growth will increase moderately over coming months. As a result, the current tight labour market conditions are expected to continue well into 2008."
"Overall, the Australian economy retains considerable momentum despite the effects of global financial market uncertainty, higher interest rates, the relatively strong Australian dollar and record oil prices," he added.
