Australia job ads fall 2 pct in August, 18.5 pct on year -survey
SYDNEY, Sept 9
SYDNEY, Sept 9 (Reuters) - Australian job advertisements in newspapers and on the Internet fell for a sixth straight month in August, potentially pointing to a further rise in unemployment that could add to pressure for another cut in interest rates.
A survey by Australia and New Zealand Banking Group showed total job advertisements fell a seasonally adjusted 2.0 percent in August, from July when they declined by 1.1 percent.
The average number of job ads per week was 125,992, down 18.5 percent on August last year.
Job ads on the Internet slipped 2.0 percent to 121,945, to be down 17.8 percent on the year. Newspaper ads fell 3.2 percent, continuing a long structural decline.
Analysts at ANZ said that going by past relationships, the decline in job ads should point to a further moderate increase in the unemployment rate from the current 5.7 percent.
That was one reason they expect the Reserve Bank of Australia (RBA) will cut interest rates again, probably in November, having eased to a record low of 2.5 percent in August.
Yet the survey's correlation with employment has weakened over the last couple of years, likely due to firms using other methods of reaching job seekers such as social media.
Official figures, for instance, show almost 123,000 net new jobs created in the year to July.
The jobs report for August is due on Thursday and forecasts favour a rise of 10,000 with the unemployment rate ticking up to 5.8 percent. (Reporting by Wayne Cole; Editing by Eric Meijer)