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Market Update: Australia Job Ads Highest Since 2008
Job advertisements in Australia jumped 7.9 percent month-over-month to the highest since 2008 of 213,894 in May 2021, after a 4.7 percent increase a month earlier. This was the 12th straight month of gains in job ads, suggesting strong demand for labor could withstand both the COVID_19 lockdown and the removal of some government emergency support programs. “The Victorian lockdown is unlikely to derail the state’s labor market recovery,” said ANZ senior economist, Catherine Birch. “Even if we see some employment losses in June, as long as restrictions start easing from June 11th as currently planned, workers should be reinstated or find new jobs quite quickly, given the underlying strength in the labor market.” “What is still uncertain is the strength of the transition from lower underutilization to higher wages growth, and then to inflation,” Birch added. On an annual bases, job ads surged almost 220 percent. source: Australia and New Zealand Banking Group [/s2If]
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