ANZ job ads dip in September

ANZ’s latest job ad series has signalled a slowing labour force momentum.

ANZ suggested the figures pointed to the prospect of a gradual reduction in the unemployment rate from August’s three-year low. Picture Andrew Tauber.

Job ads dipped 0.3 per cent in September, in a sign of slowing labour force momentum.

The ANZ job ads series showed a pullback from August’s strong 1.7 per cent rise, while the annual rate of growth slid from 8 per cent to just 3.7 per cent.

“The fall is consistent with some loss of momentum in labour markets this year, and more recently, in surveyed business conditions,” ANZ head of Australian economics, Felicity Emmett, said.

“It is also consistent with the RBA’s business liaison which reported that some firms had taken a more cautious approach towards hiring.

“That said, job ads and still-elevated business conditions continue to suggest that the labour market remains in good shape.”

The bank suggested the figures pointed to the prospect of a gradual reduction in the unemployment rate from the three-year low of 5.6 per cent struck in August.