Australia ANZ Job Advertisements continue to trend up in July

Australia’s ANZ Job Advertisements continue to trend up, rising 1.5 percent m/m in July in seasonally adjusted terms. Total job ads are now up 6.5 percent since the beginning of the year. Annual growth picked up from 10.5 percent in June to 12.8 percent this month.

In trend terms, Job Advertisements were up 1.0 percent m/m in July following a 1.3 percent rise in the previous month. The trend growth rate has averaged 1.1 percent m/m over the first seven months of the year, compared to 0.3 percent m/m over the same period a year ago.

Recent data has shown a clear improvement in labour market conditions consistent with elevated business conditions, profitability and capacity utilisation. In particular, the strength in full-time employment and a solid increase in hours worked (near 3.3 percent y/y) are quite encouraging.

"Broadly, forward indicators and survey based measures point towards near-term jobs growth in the order of 15-20k per month. Given the importance of the labour market and wage growth to the course of monetary policy, we will be closely watching the Q2 Wage Price Index number, out on August 16," said David Plank, Head of Australian Economics, ANZ Research.

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