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111010 - ANZ Job Ads September 2011 (1)

111010 - ANZ Job Ads September 2011 (1)

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Published by: david_llewellyn_smith on Oct 10, 2011
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Australia and New Zealand Banking Group Limited ABN 11 005 357 522
Media Release
For release: 11:30am, Monday 10 October 2011
Job advertisements fall further in September
Job advertisements on the internet and in newspapers decreased by 2.1% inSeptember. Annual growth in total job advertisements decelerated to 3.1% y/y.
Newspaper job ads were flat in September, while internet job advertising decreasedby 2.2% m/m. Newspaper advertising is now 12.8% lower than a year ago, whileinternet advertising is 4.0% higher over the same period, in part reflecting thecontinuing structural shift to online advertising.
In trend terms, total job ads fell by 0.6% m/m in September with the annual growthrate slowing to 3.8% y/y. The monthly trend in job advertisements began slowing inJanuary and has been negative since April.
ANZ Head of Australian Economics and Property Research Ivan Colhoun said:
The number of job advertisements continued to decline in September, falling2.1% m/m to be just 3.1% above year ago levels. The fall in job advertising wasdue to a 2.2% m/m fall in internet advertising, while newspaper advertisingremained steady. This is the first month newspaper advertising has not fallensince February. Further monitoring of trends in newspaper advertising iswarranted over coming months as newspaper advertising tends to lead onlineadvertising trends, notwithstanding the continuing structural change towardsonline advertising.
Moderating job advertising points towards a further softening in employmentgrowth in the months ahead and a modest rise in the unemployment rate. Todate, the weakening trend for job advertising is more like the 1995-96 experiencerather than the sharp slowdown during the global financial crisis in 2008-09 oreven the more significant slowdown experienced in 2000-01. During 1995-96 theunemployment rate rose 0.4% between June 1995 and December 1996, while in2000-01, unemployment rose around 1 percentage point.
ANZ forecasts the unemployment rate to rise to 5.5% by mid-2012. This forecastis consistent with modest employment growth of less than 6,000 jobs per month.
In line with a rising unemployment rate, wages and underlying inflation pressuresare likely to moderate. Accordingly, there is scope for the RBA to reduce interestrates a little as insurance against weaker than expected growth outcomes andeven higher unemployment. We expect the first of two 25bp cuts are likely to beenacted at the next board meeting in November. This would be a prudent movegiven global uncertainties and downward revisions to global growth forecasts.However, ANZ does not expect the more significant interest rate cuts currentlypriced by markets and sees only a move back to a more ‘neutral’ stance from a ‘slightly restrictive’ stance at present.
Trends in job advertising are again beginning to reflect the emergence of a morenoticeable geographic split to Australian economic growth. Job advertisements arerising solidly in Western Australia and the Northern Territory and the declining
trend is moderating in Queensland (together the states with the greatest exposureto mining). At the same time, advertising is continuing to slow reasonably quicklyin NSW and Victoria.
The ABS publishes September labour force data on Thursday. ANZ expectsemployment growth of 7,000 jobs and an unchanged unemployment rate of 5.3%.
Total job advertisements
The ANZ Job Advertisements Series shows the total number of jobs advertised in majormetropolitan newspapers and on the internet fell by 2.1% in September to an average of 182,365 advertisements per week (seasonally adjusted). Annual growth in the series hascontinued to decelerate. In September, job advertisements were 3.1% higher than ayear ago, which is their slowest pace of growth since February 2010. As a forward-looking indicator of the labour market, the sustained slowing in job advertisementssuggests that we can expect more subdued employment growth in coming months.In trend terms, total job advertisements declined by 0.6% m/m in September, recordingtheir sixth consecutive monthly decline. Annual trend growth continued to decelerate to3.8% and this series is now running well below its long-term average.
Newspaper job advertisements
The number of job advertisements in major metropolitan newspapers was unchanged inSeptember. Newspaper job advertisements are now 12.8% lower than a year ago, in partreflecting the continuing move to internet advertising.In trend terms, the number of newspaper job advertisements fell by 1.7% m/m inSeptember and is now 15.0% lower than this time last year.In September, newspaper job advertisements fell across all states and territories with theexception of Western Australia and Queensland. The largest fall was recorded in theNorthern Territory (-14.5% m/m) after a sharp rise in advertising in August (+21.6%m/m). There were also falls in newspaper job advertising in New South Wales (-2.3%m/m), Victoria (-2.5% m/m), South Australia (-0.4% m/m), Tasmania (-9.3% m/m) andthe ACT (-4.3% m/m). Newspaper job advertising in the states with larger miningexposures rose. In Queensland, job advertising rose 8.0% m/m, while advertising rose9.4% m/m in Western Australia.
Internet job advertisements
 The number of internet job advertisements fell 2.2% in September. Internet advertisingis now 6.2% lower than the recent peak in March this year. While remaining 4.0% higherthan a year ago, this is the slowest pace of annual growth since February 2010 (seeTable 4).In trend terms, internet job advertisements fell 0.5% m/m, recording the sixthconsecutive monthly decline. Annual trend growth has now slowed to 4.8% and is sittingwell below its long term average.
For further comment contact: For data enquiries contact: For media and distributionenquiries contact:
Ivan Colhoun Andrew McManus Ingrid Nugent
Head of Australian Economicsand Property ResearchEconomic Analyst Media Relations AdvisorTel: (02) 9227 1780 Tel: (02) 9227 1742 Tel: (03) 8654 3635Email:Ivan.Colhoun@anz.comEmail:Andrew.McManus@anz.comEmail:Ingrid.Nugent@anz.com
Next release:
October 2011
Expected release date:
Monday 7 November 2011
Note for editors:
For some of the newspapers surveyed, the ANZ Job Advertisements series counts the number of advertisement ‘bookings’. Each ‘booking’ may contain multiple advertisements. In addition, the ANZ series counts classifiedadvertisements only, and does not include display advertisements. For these reasons, it would be incorrect todraw any inference or correlation from the ANZ series regarding advertising volumes or revenues fromemployment advertising in the newspapers surveyed. The ANZ series is not intended to, and should not, beused to assess the financial performance of any of the newspapers included in it.

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