Job ads hit two-year high: ANZ survey

6 Feb 2012, 3:50 pm   -   Source: AAP

Job advertisements have posted their largest monthly rise since February 2010, a private survey shows.

Job advertisements in January posted their largest monthly rise in almost two years, although the rate of joblessness is expected to drift up in 2012, a private sector survey shows.

Total job advertisements on the internet and in major metropolitan newspapers rose by 6.0 per cent in January, the ANZ job advertisements survey showed on Monday.

In the year to January, job ads were up 0.7 per cent.

ANZ head of Australian economics and property research Ivan Colhoun said the strongest monthly rise since February 2010 was driven by increased jobs growth in the mining regions of Queensland and the Northern Territory.

"The awaited significant acceleration in mining investment is now beginning to boost labour demand in these states," Mr Colhoun said.

"We remain mindful of the usual problem of significant volatility in the monthly data over the December-January holiday period.

"In spite of this caution, the pick-up in advertising in the resource states is of sufficient magnitude to outweigh any of these seasonal concerns."

Mr Colhoun said ANZ was forecasting the unemployment rate would drift up, from 5.2 per cent in December 2011 to 5.5 per cent or possibly higher during 2012 as recent weak employment growth had not kept pace with accelerating population and labour force growth.

"This month's job ads data, if sustained in coming months, suggests any rise in unemployment should remain very modest," Mr Colhoun said.

ANZ says it does not expect an interest rate cut at the Reserve Bank of Australia's (RBA) February board meeting on Tuesday but does expect one at the March meeting.

"Inflation is well contained and the economy can afford to grow a little faster," he said.

"In particular, we will be less likely to see further interest rate cuts."

Internet job advertisements were up 6.4 per cent in January and 1.4 per cent higher than a year ago.

Job ads in newspapers fell 2.6 per cent in January and were 11.5 per cent lower than 12 months earlier.

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