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Job advert numbers increased by +5.1% in Australia during February following a flat start to the year, according to a survey from ANZ Bank. The survey, however, cautioned that it is still too soon to declare a recovery in the labour market.
The recent increase in job advertisement numbers follows several months of stabilisation. However ANZ's Head of Australian Economics, Justin Fabo, advised that the sharp rise last month should be treated with caution as seasonal adjustments to the data was challenging at this time of the year.
"Forthcoming job ads data will be important: if much of the recent improvement in job ads is maintained in coming months it would support our view that economic activity will improve gradually this year," Mr Fabo said.
The latest figures came as the official jobless rate jumped to a decade-high of 6% in January. Despite this, the ANZ survey found that the improvement in job adverts was spread across the states and territories.
Mr Fabo commented: "We are encouraged by the pick-up in housing activity, consumer spending, business conditions and signs that job ads are slowly increasing. Nevertheless, there remains considerable uncertainty around the economic outlook for this year and next, and in particular the extent to which non-mining activity can offset the drag on growth from sharply lower mining investment."