Strong jobs data puts pressure on RBA
The number of jobs advertised in metropolitan newspapers and on the internet rose two per cent in December, giving further weight for the RBA to lift rates sooner rather than later.
According to the latest ANZ Job Advertisements Series, the increase in job advertisements follows a 3 per cent increase in November and is the eighth consecutive monthly rise.
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The number of job advertisements is now 27.4 per cent higher than a year ago.
ANZ head of Australian macroeconomics Katie Dean said the 2 per cent rise in total job advertising in December suggests that Australian labour demand remained solid over the final months of 2010.
“While the intense flooding in Queensland will significantly impact many Australian statistics over the next few months, these influences will ultimately be largely transitory. As such, markets and the RBA should look through these effects.”
Ms Dean said the continuing strength in employment creation, the record terms of trade and record mining investment pipeline will remain front of mind for the RBA.
