Australia | Feb 11 2008
By Chris Shaw
January’s ANZ Job Advertisements data provides further evidence the Australian economy remains strong, as the 4.9% rise in total ads in major metropolitan newspapers and on the internet achieved in December has been followed by a 1.8% increase in January.
Average ads per week came in at more than 276,000, meaning total advertisements for the month are almost 32% higher than for the same time last year. To achieve this increase, internet ads rose 2.7% for the month and are 33.4% higher than last year, while newspaper ads fell 9% but are still slightly higher than for this time last year.
According to ANZ Bank head of Australian economics Tony Pearson the data show continued strength in the labour market, with around 268,000 jobs being created through 2007.
With the Job Ads series a good forward indicator Pearson suggests employment growth should remain solid in coming months, suggesting ongoing tightness in the labour market.
Given monthly data can be volatile Pearson suggests not placing too much emphasis on the January fall in newspaper ads, though he points out trend data suggest the Western Australian economy is experiencing a slight easing in labour demand while demand in both the Northern Territory and the Australian Capital Territory remains strong.