- Prior was 4.7%, revised down from 5.1%
- Up for a third straight month in March
ANZ say this is ‘clearer evidence’ that labour demand is strengthening. ANZ chief economist for Australia Ivan Colhoun:
“There is now clearer evidence that labour demand is strengthening. Importantly, there has been strength in job advertising in some key industries, including construction, education and health.”
Colhoun adds:
- Each of the main job ads/vacancies measures has risen this year, while some have been improving since the end of last year.
- The peak in the unemployment rate may be close, although the rate of improvement in job advertising does not suggest a rapid fall in the unemployment rate.
- The trajectory of the pick-up in job advertising will be important for gauging the timing and pace of future interest rate rises. ANZ continues to expect the cash rate will remain unchanged in 2014 and increase modestly by one percentage point to 3.5% over 2015″
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Note, the big data event in Australia this week is the ABS release of March labor force survey, due on Thursday. prior to that, though, we get business and consumer confidence (Tuesday and Wednesday, respectively).
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AUD has barely reacted to the ANZ data, its down just a tiny fraction.
