Interpac Business and Migration Solutions Melbourne Australia

(9 Mar 2010) Job advertisements posted their biggest increase in 11 years last month as employers stepped up hiring plans.

The total number of jobs advertised rose by 19.1 per cent in February, after an 8.1 per cent fall in January, according to the ANZ Bank's monthly survey. It was the largest monthly increase in the 11-year history of the series, ANZ said. ''Total job advertisements are continuing to improve month on month from their cyclical low point last year,'' said ANZ chief economist Warren Hogan. ''This has already translated into solid employment growth and reduced unemployment, even through a period of relatively strong labour force growth.'' Jobs advertised in major metropolitan newspapers increased by 13.1 per cent, seasonally adjusted, in February, while internet job advertisements rose by 19.6 per cent, seasonally adjusted, ANZ said.

The overall jobs market has been helped by surging business confidence, which increased for the second straight month in February, according to the National Australia Bank survey, also out today. The market bet on an April interest rate rise by the Reserve Bank edged up after the release of the data. Credit Suisse predicts a 36 per cent chance of a 25 basis point hike next month, up from 31 per cent before.

In February, total job ads were 27.5 per cent above their July 2009 seasonal trough but remain 42.6 per cent below the all-time peak reached in April 2008. Newspaper ads increased by 22 per cent in Western Australia, seasonally adjusted, where mining and resource-related companies are rushing to add staff as projects come on line after being temporarily shelved during the global financial crisis.

South Australia's newspaper ads rose 19.5 per cent in February, while Victoria's jumped 19.3 per cent and those in New South Wales increased 14.4 per cent. Only Queensland posted a decline of 6.3 per cent in the month. "All states and territories recorded newspaper job ad levels above those of February 2009 except Queensland," ANZ said.

Even with this month's recovery, some recruiters have noted the hesitancy of companies to add staff because of fears of a potential slowdown as the government's stimulus and low interest rates come to an end. The Australian Bureau of Statistics will update the official jobless figure on Thursday with analysts predicting the unemployment rate to remain at 5.3 per cent, with 15,000 jobs created in February.

(Source from: Business Day)