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Australian Job Ads Soars 7.4% in November-ANZ

File Photo: December 5, 2016, a sales assistant can be seen from the window of a retail store displaying a job sign in central Sydney, Australia. REUTERS / Steven Saphore

December 6, 2021

Sydney (Reuters) – Australia’s classified ads surged in November as the removal of the coronavirus blockade saw a surge in the workforce in Sydney and Melbourne, which grew steadily towards a rapid economic recovery. ..

According to figures from the Australian and New Zealand Banking Group on Monday, total job ads in November increased by 7.4% from October, which had already increased by 7.5%.

To the left is 52% higher than the previous year’s 222,093 and 44% higher at pre-pandemic levels.

ANZ senior economist Catherine Birch reports that official employment numbers are likely to recover sharply after a staggering 46,300 drop in October and an unemployment rate rise to 5.2%. Said showing.

“The unemployment rate should be below 5% in the short term and is expected to drop to about 4% by the end of 2022 and even further by 2023,” Birch said. “There can be much less underemployment.”

The Reserve Bank of Australia aims to reduce the unemployment rate to less than 4% in the hope that it will eventually boost wage growth after years of modest rises.

It is widely believed that the central bank will hold a policy meeting in December on Tuesday to maintain the policy rate at a record low of 0.1% and repeat the outlook that there will be no rate hike until at least 2023.

(Report by Wayne Cole, edited by Christopher Cushing)



Australian Job Ads Soars 7.4% in November-ANZ

Source link Australian Job Ads Soars 7.4% in November-ANZ

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