A sharp contraction in job demand could raise the case for further rate cuts when the Reserve Bank meets today.
Combined newspaper and internet job ads fell by a further 8.5 per cent in March to be 44.6 per cent lower than 12 months ago.
The index also showed newspaper ads are now down by 61 per cent since their peak in November 2007, approaching the 70 per cent peak-to-trough decline experienced over the 1990s recession.
But perhaps of greater concern is the rapid nature of the decline – just 16 months – compared to the 35 month slowdown recorded over the 90s.
Former boom state Queensland has already surpassed the 70 per cent decline in newspaper job ads while Western Australia isn’t far behind with newspaper job ads down 67 per cent since November 2007.
ANZ now forecasts unemployment levels to exceed 8 per cent next year.
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