ANZ Australian Job Advertisements Declined 0.8 Per Cent In September

ANZ Job

On Monday all big four banks closed lower which was led by ANZ, in order to compensate customers for fees-for-no-service, inappropriate advice and other issues, after it announced that it would take around a $374 million hit to its second-half profit. Australia and New Zealand Banking Group Limited closed around 2.6 percent lower at a market price of $26.990. The ANZ stock has seen a performance change of 3.39% over the past 6 months period as at October 8, 2018. Predominantly related to it international business ANZ has accelerated the amortization of certain software assets and the expense for accelerated amortization will be recorded of $206 million in 2H28.

ANZ’s FY18 results will be announced on October 31, 2018 with a result template to be issued in late October. Job ads grew 4.9% y/y to September in trend terms, which is down from 5.8% y/y in August, job ads fell by 0.1% m/m for the fourth consecutive month. Data from ABS job vacancies series suggests that the unemployment rate will head lower over time most likely.

While annual growth in ads slowed further a survey showed on Monday revealed that the Australian job advertisements on the internet and in newspapers improved for a second month in September. Results show that job advertisement, from August when they fell 0.7 percent, dipped 0.8 percent in September. 4.7 percent higher than last year in September, ads averaged out to be at 175,555 a week. That was a slowdown from 5.1 percent in August, a peak above 14 percent in early 2017. Since they jumped sharply at the start of this year, ANZ job ads have essentially tracked sideways.

To reach its lowest in six years at 5.3 per cent, the official jobless rate has gradually declined. Since the start of the year the number of job ads has tracked sideways but the level is still consistent with ongoing employment growth. Other indicators of job growth are more positive as noted by ANZ in the release. ANZ job ads decline is certainly a negative sign so far that has been avoided. [optin-monster-shortcode id=”wxhmli4jjedneglg1trq”]

ANZANZ Australian Job advertisements easing out in September, Source: Company website

As per the reports the average total number of jobs per month in Australia in September 2018, originally were 187,857 and seasonally adjusted number is 175,555 in September 2018 while trend estimated number for the same period is 176,635.

To derive the seasonal adjustment factors the ANZ Job Advertisements series uses a concurrent seasonal adjustment methodology which means that data from the current month are used in estimating seasonal factors for the previous month and the current month. To estimates for earlier periods concurrent adjustment can result in revisions to the seasonal factors each month. The methodology in concurrent adjustment uses the most recent data every month. From the June 2010 reference month, concurrent seasonal adjustment replaced the forward factor methodology. The methodology used by the ABS for its monthly employment data makes the concurrent seasonal adjustment bring the ANZ Job Advertisements series in line.

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