ANZ survey of internet and newspaper job advertisements as an indicator to the health or otherwise of the Australian labour market
- higher again for the 12th straight month
- highest since 2008
- consistent with an unemployment rate of around 5%
ANZ sanguine on the latest lockdown in Victoria state:
- The Victorian lockdown is unlikely to derail the state’s labour market recovery
- Even if we see some employment losses in June, as long as restrictions start easing from 11 June as currently planned, workers should be reinstated or find new jobs quite quickly, given the underlying strength in the labour market
ANZ do remain concerned on slow wage growth though:
- What is still uncertain is the strength of the transition from lower underutilisation to higher wages growth, and then to inflation
On that planned end to lockdown on June 11 for Australia’s l2nd most populous city of Melbourne. Figures today reported the highest number of new cases in a week, 11. Vic health authorities were not ringing alarm bells just yet, saying:
- All new locally acquired cases today are linked to existing outbreaks. Eight are existing primary close contacts who were quarantining during their infectious period. More details will be provided in today’s press conference.
Bottom line is we’ll just have to wait and see how authorities respond to numbers in the days ahead this week. It might be best to assume lock down will be extended further than June 11. If not it’ll be a bonus.