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Financial News: Australia ANZ Job Ads Growth Eases Sharply In

Australia ANZ Job Ads Growth Eases Sharply In August

09/07/2020 - 02:26:00 (RTTNews)

(RTTNews) - Australia's job advertisement grew at a much slower pace in August, data from ANZ showed on Monday.

Job ads increased 1.6 percent month-on-month in August, after a 19.1 percent rise in July.

At the same time, job advertisements decreased by 27.0 percent since February and declined 30 percent on a yearly basis in August.

"With Victoria accounting for more than 26% of the nation's pre-pandemic employment, the Stage 4 restrictions in Melbourne and Stage 3 in regional Victoria have undoubtedly put the brakes on," ANZ Senior Economist Catherine Birch said.

"This is consistent with weekly payroll data, which show Victorian jobs falling and New South Wales jobs coming to a standstill," Birch said.

"Q4 is also looking worrying, given the amount of fiscal support to workers, businesses and households scheduled to be withdrawn, particularly with Victoria only gradually emerging from lockdowns," Birch said.

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