Aussie job ads advance on sustained labor demand

Job advertisements in Australia advanced for 11 consecutive months ended April. The jump, which came to be the strongest in 12 years, underscored labor’s capability to maintain its momentum without the government’s emergency support schemes.

Total job advertisements expanded 4.7% in April. The figure came after a 7.8% reading seen in March. 196,612 ads were recorded, jumping almost 200% from a year earlier to hit their sharpest level since 2008.

The country’s unemployment rate, on the other hand, plunged faster than the 5.6% forecast rendered by policymakers. That was a complete reversal from a 7.5% peak seen in July 2020.

The Reserve Bank of Australia is aiming to reduce unemployment down to 4% or lower in a bid to boost wage growth and inflation after years of minimal gains.