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Monday, June 21, 2021

Australia ANZ job advertisements survey for May: +7.9% m/m (prior +4.7%)

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ANZ survey of internet and newspaper job advertisements as an indicator to the health or otherwise of the Australian labour market

higher again for the 12th straight month

highest since 2008

ANZ sanguine on the latest lockdown in Victoria state:

  • The Victorian lockdown is unlikely to derail the state’s labour market recovery
  • Even if we see some employment losses in June, as long as restrictions start easing from 11 June as currently planned, workers should be reinstated or find new jobs quite quickly, given the underlying strength in the labour market

ANZ do remain concerned on slow wage growth though:

  • What is still uncertain is the strength of the transition from lower underutilisation to higher wages growth, and then to inflation

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