By Jacob Greber
Sept. 7 (Bloomberg) -- Australian advertisements for job vacancies rose in August for the first time in 16 months, a sign the nation’s economy is strengthening.
Jobs advertised in newspapers and on the Internet gained 4.1 percent from July, the largest increase since December 2007, according to an Australia & New Zealand Banking Group Ltd. report released in Melbourne today. Advertisements were 48.1 percent lower than a year earlier.
Pressure is mounting on central bank Governor Glenn Stevens to raise interest rates from a half-century low of 3 percent after a report last week showed economic growth accelerated at the fastest pace in more than a year, driven by consumer spending. The unemployment rate probably climbed to 5.9 percent last month from 5.8 percent in July, according to a survey of analysts by Bloomberg News.
Today’s report provides “the best evidence we have received to date that the labor market, and the economy more generally, are about to enter the recovery phase,” said Warren Hogan, chief economist at ANZ Bank in Sydney.
National vacancies advertised in newspapers and on the Internet averaged 130,326 a week last month, today’s report showed. Newspaper advertisements jumped 5.5 percent to an average of 8,613 a week. Internet notices gained 4 percent to 121,713.
Employers probably cut 15,000 jobs last month, according to the median estimate of 21 economists surveyed by Bloomberg ahead of a Sept. 10 employment report.
A separate report today showed the building industry contracted at a slower pace last month as demand for residential dwellings increased. The Australian Industry Group’s performance of construction index rose 2.9 points to 42.4 from July. A reading below 50 shows the industry is shrinking.
To contact the reporter for this story: Jacob Greber in Sydney at jgreber@bloomberg.net
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