Internet-based advertising of job vacancies slipped back in the March quarter, bucking a five-year trend, an ANZ study shows.
The ANZ Job Vacancy Rate - the ratio of job advertising to employment - showed internet-based advertising in the March quarter fell 0.4 per cent from December.
This was the first
quarterly decline recorded for internet advertising in three years, while vacancy lists in newspapers rose 0.5 per cent.
Steve Edwards, economist at ANZ National Bank, said the study highlighted a reversal of a five-year trend which had seen the internet pick up share at the expense of newspapers.
"It has looked like internet-based advertising in the last three months has topped out," Edwards said.
The precise timing of Easter could have impacted on the results, which are seasonally adjusted. However, whether this reversal continued or was merely a blip remained to be seen.
The total vacancy rate fell back from 9.1 per cent in December to 9 per cent in the March quarter, with a 0.1 per cent rise in total job advertising outpaced by a 1.1 per cent rise in employment.
Although the 9 per cent vacancy rate was a 12-month low, it was still above the long-term average of 8.6 per cent recorded since 2000.
"We've had a surge in adverts in the past 12 months starting to ease off somewhat and, in the last quarter, employment's risen quite steeply," Edwards said.
Job adverts were a lead indicator for movement in the labour market "because you've got to advertise for a job before you actually employ someone".
Edwards said the 1.1 per cent rise in employment in the March quarter was unsustainable and future employment growth was expected to be slower. Likewise, the vacancy rate could fall back towards its long-term average, although changes in confidence among employers could counter such a realignment.
"If they feel confident about the future to increase advertising the vacancy rate will start to rise again, whereas if they're not as confident it could ease back."
VACANCY RATE
A ratio of job advertising to employment.
* Internet advertised jobs down 0.4 per cent.
* Newspaper advertised jobs up 0.5 per cent.
