Job advertisements on the internet and in newspapers increased by 3.7pc in June, reversing just over half of May's decline
July 5, 2011
Total job advertisements on the internet and in newspapers increased by 3.7 percent in June, reversing just over half of May’s decline.
Figures out this week by ANZ show newspaper job ads fell by 4.9 percent while internet job advertising increased by 4.2 percent last month.
Queensland posted one of the largest falls in newspaper job advertisements in June (down 7.6 percent), second only to Victoria (down 7.9 percent).
Nationally, newspaper advertising is now 11 percent lower than a year ago, while internet advertising is now 11 percent higher over the same period.
ANZ Head of Australian Economics and Property Research, Ivan Colhoun, says the June increase failed to make up for the 6.5 percent decline in advertising recorded in May.
“This disappointing result suggests the drop in advertising in May is reflective of weaker economic conditions in the non-mining sectors of the economy, rather than just the effects of the extended Easter/ANZAC Day long weekend,” Colhoun says.
He says anecdotal evidence from ANZ’s business customers is beginning to indicate more limited hiring intentions due to mixed economic conditions.
ANZ now expects the RBA to leave interest rates unchanged for the remainder of 2011, with the next increase not expected before February next year.
“Further weakness in advertising over coming months would put pressure on this view, however, the economy is expected to benefit from some broadening of the positive effects of the mining boom, plus a strengthening in US growth from lower oil prices and as the supply chain effects of the Japanese earthquake moderate,” Colhoun says.