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Job market continues to grow

Trevor Chappell  |  07 Aug 2017Text size  Decrease  Increase  |  

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MELBOURNE - [AAP] Job ads have lifted for five months in a row as labour market conditions improve but the pace of improvement is expected to ease.

ANZ's latest jobs ads survey shows that the number of ads rose by 1.5 per cent in July, adding to June's 2.7 per cent increase in seasonally adjusted terms.

The survey also shows that since the start of the year, job ad numbers are up 6.5 per cent, while July's reading is 12.8 per cent better than a year ago.

ANZ's head of Australian economics, David Plank, says recent data has shown that the labour market has improved, which is consistent with improved business conditions, profitability, and capacity utilisation.

The strength in full-time employment and a lift in hours worked are encouraging and have helped lift consumer confidence.

"That said, several challenges remain, and we expect the pace of improvement to moderate over the medium term," Mr Plank said in a statement on Monday.

Mr Plank said the level of under-utilisation in businesses was still high and expected to fall only gradually.

Also, economic growth over the next few years was likely to be less labour-intensive as housing construction slowed and a greater contribution was made by the labour-light LNG export sector.

The pace of growth in public sector jobs is also expected to ease, and wages grow this expected to remain sluggish.

Mr Plank said that in the near term, jobs growth is expected to between 15,000 and 20,000 per month.

 

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