Job advertising has accelerated as COVID-19 restrictions have eased and point to a further rebound in national employment heading into 2021.
In its monthly report, ANZ said job ads jumped 13.9 per cent in November after an upwardly-revised 11.9 per cent rise in October.
However, ads are still 4.7 per cent lower than February’s pre-pandemic level and are down 3.3 per cent on the year.
ANZ senior economist Catherine Birch said job ads are on track to match or even exceed pre-COVID levels by year-end.
“This suggests that the rebound in national employment could continue into early 2021 at least,” Ms Birch said on Monday.
Confirming the upswing in job ads, the Department of Employment in a new preliminary reading of its monthly vacancy report, said job ads on the internet jumped 7.8 per cent in November.
This represents the seventh consecutive monthly rise with job advertisements now 11.2 per cent higher than a year ago.
Over the year, job ads have increased in all jurisdictions except the ACT, but even then the territory posted only 10 fewer ads than 12 months earlier.
Easing restrictions have also given a further boost to the services sector, which is now enjoying conditions not seen for a year.
The Australian Industry Group performance of services index rose a further 1.5 points to 52.9 points in November, another improvement in conditions after a slump for much of the year.
An index reading above 50 points indicates the sector is expanding.
Four of the five sectors covered by the report expanded during November, with only retail and hospitality continue to contract.
“Sales, new orders, employment and deliveries improved as activity restrictions eased and businesses ran down their inventory levels,” the report released on Monday said.
“Improved conditions and a boost in sales was mainly due to greater movement of goods and people as restrictions across borders and within Victoria eased.”
These reports follow a run of largely positive data over the past week, which suggests the economy will finish the year on a relative high after enduring the first recession since the early 1990s.
Reserve Bank governor Philip Lowe addressed a national payments forum on Monday, but made no reference to either monetary policy or the state of the economy.