Australian job advertisements gained in June after two straight months of declines, signaling a labor market that’s slowing as businesses limit hiring intentions, a private report showed.
Jobs advertised in newspapers and on the Internet increased 3.7 percent from May, when they declined 6.5 percent, according to an Australia & New Zealand Banking Group Ltd. report released in Melbourne today. The fall in May was the steepest since March 2009.
“This disappointing result suggests the drop in advertising in May is reflective of weaker economic conditions in the non-mining sectors of the economy,” Warren Hogan, chief economist at ANZ Bank, said in a statement.
Australia’s unemployment rate likely held at 4.9 percent in June, a government report will show on July 7, according to a Bloomberg survey of 24 economists, even as the economy shed the most full-time jobs in two years in April and May.
“Anecdotal evidence from ANZ’s business customers is beginning to indicate more limited hiring intentions due to mixed economic conditions,” Hogan said.
All 27 economists surveyed by Bloomberg News predict Reserve Bank of Australia Governor Glenn Stevens will keep rates unchanged at 4.75 percent when policy makers meet tomorrow.
National vacancies advertised in newspapers dropped by 4.9 percent in June, and Internet notices rose 4.2 percent, today’s report showed.