Job ads power ahead in February

New ANZ data reveals a significant turnaround in the number of jobs advertised in newspapers and on the internet

Job ads power ahead in February
Job ads power ahead in February
March 9, 2010

The latest ANZ Job Advertisements Series reveals the number of jobs advertised in major metropolitan newspapers and on the internet grew by 19.6 percent in February.

Coming as welcome news to the economy, this more than makes up for the 8.1 percent slump reported in January.

Australian statistics show the number of job ads in newspapers grew by 13.1 percent to 9,947 per week in February, reversing the 16.6 percent fall the previous month.

Meanwhile, the number of internet job ads grew by 19.6 percent over the month to average 149,831 per week.

While Australia performed strongly overall, Queensland recorded a 6.3 percent fall in newspaper job advertisements (seasonally adjusted).

ANZ Chief Economist Warren Hogan says the data suggests January’s decline was "probably just a seasonal anomaly".

"Total job advertisements are continuing to improve month on month from their cyclical low point last year. This has already translated into solid employment growth and reduced unemployment, even through a period of relatively strong labour force growth," Hogan says.

"In the near term, the forward indicators appear positive for more employment growth through the first half of 2010, although probably at a slower pace than seen over the past four months," he says.

In addition to the ANZ (and other) job ads surveys improving, Hogan assures retail sales turnover appears to be holding up well in the ‘post-stimulus’ period.

Business investment and construction are also regrouping, while business sentiment and expectations remain "relatively strong".

As a final optimistic point, Hogan says the ABS’ February Labour Force report, due March 11, is likely to confirm this expectation, with another rise in total employment.

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