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The number of jobs advertised on the internet and in newspapers fell for the second consecutive month, and there are no clear signs of the labour market bouncing back in the coming months, reports Sky News Australia.
The total number of jobs advertisements fell by -0.8% in November following a -0.1% fall the month before, according to the latest ANZ Job Advert Survey. The number of job adverts placed on the internet fell by -1% in November while those placed in newspapers fell by -0.8%.
The number of jobs advertised in November was -10% lower than a year ago.
Justin Fabo, Head of Australian economics for ANZ said there are conflicting signs whether the labour market will stabilise in the coming months. “Low interest rates are clearly having a positive impact on interest-rate sensitive sectors of the economy, with housing turnover and prices picking up strongly.”
“Tentative signs are emerging that the strength in housing and the lower Australian dollar are beginning to flow into better conditions for domestic retailers, with retail sales rising solidly in recent months.”
Mr Fabo added that the expected slowing in the mining investment boom is expected to weigh on jobs growth. “The resources boom is now moving into the operational/production phase which is expected to be less labour intensive than the investment phase. While this will likely see net exports contribute strongly to gross domestic product (GDP) growth over the next few years, growth in domestic demand and employment is likely to remain more subdued.”
Official labour force figures will be released on Thursday, with the unemployment rate is forecast to rise to 5.8%. The number of people in work is forecast to have risen by 10,000 in November, following a rise of 1,100 the month before.