The jobs market is expected to worsen in coming months, after a key reading on future hiring intentions fell in October, marking its seventh consecutive monthly decline.
The ANZ Job ad index, a forward-looking gauge on the health of the labour market, sank 4.6 per cent in October, after a revised 3.9 per cent fall in September. Job ads are now 15 per cent below their October 2011-level.
This continuing upward pressure on the unemployment rate will see the RBA cut interest rates further.?
"This was the seventh consecutive fall in advertising and meant that the level of advertisements was the lowest since January 2010," said ANZ head of Australian economics and property research Ivan Colhoun.
??The general trend of weaker job advertising and continuing job losses as businesses restructure and or cut costs, suggests continuing upward pressure on the unemployment rate," said Mr Colhoun.
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The official unemployment rate has risen to 5.4 per cent in September from 5.1 per cent in August, with a string of companies announcing layoffs.
Mobile phone company Vodafone axed up to 500 jobs last week, as it restructures. A further 500 employees of musical instrument chain Allans Billy Hyde lost their job after receivers for the company could not find a buyer.
??This continuing upward pressure on the unemployment rate will see the RBA cut interest rates further,?? said Mr Colhoun. Although ANZ officially expects rates to fall in December, ??a move on Melbourne Cup Day would not surprise.??
The RBA meets to decide on rates tomorrow.
Source: http://www.businessday.com.au/business/jobs-outlook-worsens-in-october-20121105-28t6o.html
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