Australian help-wanted notices fell for a seventh straight month in October, signaling the nation’s unemployment rate may rise, a private report showed.
Jobs advertised in newspapers and on the Internet dropped 4.6 percent last month after a revised 3.9 percent fall in September, according to an Australia & New Zealand Banking Group Ltd. report released in Melbourne today. National vacancies advertised in newspapers weakened 4.1 percent, and Internet notices were down 4.6 percent, the report showed.
“The general trend of weaker job advertising and continuing job losses as businesses restructure and cut costs suggests continuing upward pressure on the unemployment rate,” said Ivan Colhoun, ANZ Bank’s head of Australian economics and property research, in the statement.
Reserve Bank of Australia Governor Glenn Stevens last month indicated a gloomier outlook for the economy when he lowered the benchmark interest rate to 3.25 percent. Traders are pricing in a 54 percent chance he will lower borrowing costs by another quarter percentage point tomorrow, swaps data compiled by Bloomberg show.
The Australian Bureau of Statistics is scheduled to release October employment figures on Nov. 8. The jobless rate climbed to 5.4 percent, a 2 1/2-year high, in September.