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Weak jobs data adds to case for rate hold

By webmaster

New data highlighting weakness in the jobs market could help to keep the cash rate on hold when the Reserve Bank meets this afternoon.

The latest ANZ Job Advertisement Series, released yesterday, showed total advertisements on the internet and in newspapers decreased by 6.5 per cent in May.

Newspaper job ads fell by 2.7 per cent, while internet job advertising declined by 6.6 per cent.

ANZ chief economist Warren Hogan said the result was the second consecutive fall in total job advertisements, which could encourage the RBA to leave rates on hold at 4.75 per cent.

“This is the first time we have seen two consecutive months of negative job advertising since July 2009,” he said.

“The slowing in job advertisement growth in 2011 thus far has been broadly in line with slowing in employment growth.

“The annual rate of growth of job ads has slowed over the past six months and is now just 8.5 per cent above year ago levels.”

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Weak jobs data adds to case for rate hold
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