Falling job ads hint at cut: ANZ
DEMAND for workers weakened further in September bolstering the case for a rate cut when the Reserve Bank of Australia meets next month, says ANZ.
The latest ANZ job ads survey, which measures companies' hiring intentions, sagged 2.1 per cent in September following a revised 0.7 per cent fall in August. Jobs ads in newspapers were flat in September while jobs posted on the internet declined 2.2 per cent.
ANZ head of Australian economics Ivan Colhoun said the falling jobs ads forreshadowed "a rising unemployment rate, wages and underlying inflation pressures are likely to moderate".
"We expect the first of two 25 basis point cuts are likely to be enacted at the next board meeting in November," said Mr Colhoun.
"This would be a prudent move given global uncertainties and downward revisions to global growth forecasts," he said.