Job ads hold up in December

ANZ job ads steady

ANZ reported that job advertisements held the line in December, rising marginally by +0.3 per cent.

While job ads are well down from their highs of 2021 and 2022, they appear to have stabilised somewhat over recent months.

Major bank economists are split down the middle as to whether interest rates will be cut in February.

The answer to that conundrum may be found in the Labour Force figures for December, which are due to be released on Thursday morning.

In November the seasonally adjusted unemployment rate unexpectedly fell to just 3.93 per cent. 

Other indicators of the labour market, on the other hand - such as the wage price index - suggest that tightness in the labour market has eased. 

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The US Producer Price Index surprised to the downside in December, with headline PPI coming in at 0.2 per cent for the month (versus 0.4 per cent expected), and core PPI coming in dead flat for the month.

Over the year, PPI advanced 3.3 per cent - versus 3.5 per cent expected. 

This was welcome news for bond yields, but there could yet be a sting in the tail for consumer price inflation, given that there was a marked jump in airfares in December. 

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Australia's population growth is easing, but the total estimated resident population has passed 27½ million.

The estimated population increase is now one additional person every 58 seconds - equating to around 500,000 persons annualised. 

The 2024 Population Statement predicts that population growth in 2024 will slow to around +444,000.

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