Australian job advertisements rose in November by the most in nine months, reinforcing evidence that a mining investment boom will stoke the nation’s economy.
Jobs advertised in newspapers and on the Internet advanced 2.9 percent from October, when they increased a revised 0.7 percent, according to an Australia & New Zealand Banking Group Ltd. report released in Melbourne today.
Surging shipments of iron ore and coal to China are fueling a jobs boom, prompting the Reserve Bank of Australia to raise borrowing costs last month. Australia’s unemployment rate probably fell to 5.2 percent in November from 5.4 percent in October, a report will show on Dec. 9, according to a Bloomberg survey of 25 economists.
“The November labor market data effectively covers hiring decisions made prior to the RBA’s latest interest rate increase.” said Ivan Colhoun, head of Australian economics at ANZ. “Given anecdotal reports of more moderate consumer behavior since, it is reasonable to expect some moderation in the rate of growth of labor demand in the months ahead.”
National vacancies advertised in newspapers rose 0.9 percent in November, and Internet notices advanced 3 percent, today’s report showed.