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Monday, 6 August 2018

Unemployment to keep falling (from 5-year lows)

Jobs ads bounce back

ANZ job ads were up by 1.5 per cent in July to a seasonally adjusted 178,322, following on from a decline in the preceding month. 

Advertisements are 7.3 per cent higher than they were a year ago. 

There has clearly been some loss of momentum lately, and not only on this index. 

However ANZ see the result as consistent with further declines in the unemployment rate:

"Business conditions, while down from record levels, remain well above long term averages. 

Capacity utilization and profitability also remain at high levels. 

As such we expect employment growth to continue at a pace consistent with a gradual decrease in the unemployment rate." 

The unemployment rate is already at the lowest level since 2012, with Sydney's unemployment rate falling to below 4.1 per cent