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Financial News: Australia ANZ Job Ads Decline In April

Australia ANZ Job Ads Decline In April

05/04/2020 - 01:35:00 (RTTNews)

(RTTNews) - Australia's job advertisement declined at a record pace in April, data from ANZ showed on Monday.

Job ads dropped 53.1 percent month-on-month in April, following a 10.0 percent decrease in March. The fall was almost five times larger than the previous record of 11.3 percent in January 2009.

On an annual basis, job ads decreased sharply by 62.2 percent in April, following an 18.3 percent fall in the previous month. This was the sixteenth consecutive fall.

ANZ Senior Economist, Catherine Birch, said the progressive fall in job ads indicates that the downturn in activity is impacting businesses and the labor market at an unprecedented speed.

"Although we think the JobKeeper payment will flatten the peak in the unemployment rate to 9.5% in Q2, there will still be substantial loss of employment, hours worked and household income over the coming months," Birch added.

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