The total number of job advertisements in Australian newspapers and on the Internet fell 1.7% in seasonally adjusted terms in July from the previous month.
The average number of advertisements fell to 125,207 per week, contributing to a 51.9% annual decline, said ANZ, which compiles the data. The number of Internet job advertisements fell 1.8% in July from June, contributing to an annual decline of 52.1% in seasonally adjusted terms. Job advertisements in major metropolitan newspapers fell 0.4% in July from June, contributing to a 48.4% annual decrease in seasonally adjusted terms.
ANZ's head of Australian Economics, Warren Hogan, said the data still suggest the job market is suffering distress. "The data provides further evidence that demand for labour in the Australian economy is still wallowing at recessionary levels," he said.
A major difference between this downturn and others is that employers appear to be working hard to retain staff, instead of massively shedding jobs, he said. The main driver of increasing unemployment has been rapid growth in the labour force due to strong population growth and high levels of participation, Hogan added.
"We are increasingly optimistic that the pace of decline in employment will not be as severe as envisaged six months ago. Australian economic activity has been remarkably resilient in recent months, particularly for our largest employer, the retail sector," Hogan added.