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Market Update: Australia Job Ads Fall for 1st Time in 14 Months
Job advertisements in Australia declined by 0.5 percent month-over-month to 206,819 in July 2021, after a downwardly revised 1.5 percent gain a month earlier to the highest since 2008. This was the first drop in job ads in 14 months, as COVID-19 related lockdowns cooled demand for labor. “This reinforces our expectation that the impact of New South Waless extended lockdown on employment and the unemployment rate will be limited; hours worked and underemployment will again bear the brunt,” said ANZ senior economist Catherine Birch. “Many businesses are ‘hoarding’ labor to avoid the costs and delays of rehiring once restrictions ease, particularly given reported difficulty finding labor and the record-high job vacancy rate,” she added. On an annual basis, job ads surged 94 percent. source: Australia and New Zealand Banking Group [/s2If]
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