Newspaper and internet job ad numbers rebounded sharply in June, ANZ reports, after a lull exacerbated by Easter holidays and the federal election.
Australian job ads gained 4.6 per cent for the month, according to figures released by the bank on Monday, reversing the disruptions that led to a fall of more than 8.0 per cent in May.
The gain was one of the biggest in 18 months but ANZ head of Australian economics David Plank says the figures represent only a partial recovery.
“The ‘holiday-year effect’ in late April and the timing of the election appear to have been responsible for much of the decline in May, and the rebound in June can be seen as an unwinding of that effect,” he said.
Mr Plank said the overall trend still pointed downward.
“(It) points to slowing employment growth and rising unemployment,” he said.
“If confirmed by the actual employment data, then the RBA will likely react by lowering the cash rate yet again.”
The Reserve Bank of Australia last week cut the cash rate to a fresh record low of 1.0 per cent as it attempts to shift the stubborn jobless rate, lift inflation, arrest a property market slump and kick-start sluggish consumer spending.
Unemployment remained unchanged at an unsatisfactory 5.2 per cent in May after a surprise uptick the previous month.