Online job ads at a 14-year high

Online job ads at a 14-year high

Online job ads at a 14-year high

There were more jobs being advertised last month than at any point since the Global Financial Crisis, a further indication of just how tight the labour market is.

Online job advertisements in June increased by 1.2 per cent to stand at 303,400, their highest level since April 2008, according to the National Skills Commission’s Internet Vacancy Index.

Jobs advertisements have now increased by six consecutive months, the interim figures show.

“Job postings remain at incredibly high levels,” tweeted Indeed AU economist Callam Pickering on Friday. “We’ve seen no noticeable decline in job postings despite the growing concerns around high inflation / rising interest rates.”

It would be a “hell of an economic achievement” if the job creation can continue over the second half of the year, as interest rates rise, Mr Pickering added.

Economists are tipping the country’s jobless rate to hit its lowest level in 48 years when the Australian Bureau of Statistics releases its June labour force survey on Thursday.

CBA Group economists expect around 25,000 jobs to be added in the month, with the unemployment rate easing from 3.9 per cent to 3.8 per cent, the lowest level since August 1974.

On Tuesday, the Commonwealth Bank’s household spending intentions index for June will be released, alongside the ABS’s household spending indicator for May.

Also on Tuesday, the latest consumer confidence data will be released by ANZ-Roy Morgan and the Westpac-Melbourne Institute.

It is expected the surveys will underline consumer concern about rising inflation and interest rates.

The National Australia Bank will issue its June business survey featuring updates on confidence and conditions on Tuesday.

Confidence and conditions eased in May, but remain above their long-run averages with employment conditions hitting a 10-month high.

Economists will be examining the ABS’s March quarter building activity report on Wednesday for the latest indications of dwelling starts and “work yet to be done” estimates.

Paul Osborne
(Australian Associated Press)