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Australia – Pace of job deterioration continues to slow

03 February 2014

Job advertisement numbers fell by -8.9% during January 2014 compared with a year ago, according to the latest figures from ANZ Research. However, in trend terms, the month-on-month contraction of -0.3% in January was the slowest rate of monthly decline since early 2012.

Internet job adverts fell by -8.4% compared with last year, and newspaper advertisement, which account for less than 5% of total jobs adverts, declined by -22.1%, year-on-year.

Ivan Colhoun, Chief Economist of ANZ Australia, commented: “There has been a notable stabilisation in the rate of deterioration in labour demand over the past six months. While none of the measures of job advertising/vacancies have shown a convincing upward trend at this stage, they are clearly not falling at the sharp pace seen earlier. This suggests that overall conditions in the labour market are also likely to stabilise in coming months.”

“One of the key uncertainties to the labour market outlook is the degree of job shedding that will occur when the significant wide-back in resources investment occurs, which we are forecasting from the middle of this year. After declining very sharply since early 2011, Department of Employment job vacancies data show that the deterioration in mining job ads has slowed considerably, and even improved in some areas, which could suggest some of the decline in labour demand associated with the imminent mining investment wind-back may have already occurred,” he added. 

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