By: Staff Reporter
The RBA’s rate hikes are finally starting to impact the community, with the total number of jobs advertised in the major metropolitan newspapers and on the internet falling by 1.2 per cent in April.
According to the latest ANZ Job Advertisements Series, the modest fall in advertisements is the first drop since January.
The Series showed that the total number of advertisements in April is now 42.3 per cent below the all time peak reached in April 2008.
ANZ head of economics Warren Hogan said the decline in job advertisements in April is not surprising in the wake of the RBA’s successive rate hikes.
“In addition, some slowing in demand for labour is to be expected after very strong growth in the second half of 2009 and into early 2010,” Mr Hogan said.
But despite the recent slow-down in growth figures, Mr Hogan said trend growth in job advertisements remains above its long-term average, suggesting that demand for labour remains relatively healthy.
“Total employment in the Australian economy reached a record 11 million in March 2010. Over the past six months the balance of job growth has shifted toward more full-time employment. This is a possible indication that employers are gaining confidence that the recovery in the Australian economy is getting traction,” he said.
ANZ expects there to be a slight uptick in employment when the ABS releases the Labour Force report on Thursday.
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