SYDNEY - Australian advertisements for job vacancies rose for a second straight month in March as the nation's economy strengthened.
Jobs advertised in newspapers and on the internet advanced 1.8 per cent from February, when they climbed 19.1 per cent, according to an Australia & New Zealand Banking Group report
released yesterday.
Rising demand for workers adds to evidence of an economic rebound.
"This month's continuation in job ads growth suggests labour demand is strengthening and confirms the rapid improvement in economic conditions in Australia over the past six months," said Warren Hogan, chief economist at ANZ Bank in Sydney.
Employers boosted the working hours of staff in February by the most since 1998, a sign the job market is poised to strengthen in coming months as companies add to payrolls after exhausting scope for extended shifts. Aggregate hours worked surged 2.4 per cent last month, a report showed.
Employers added 20,000 jobs last month, a report due out tomorrow will show, according to the median of 20 estimates in a Bloomberg News survey.
Reserve Bank Governor Glenn Stevens, the first of 20 central bankers to increase interest rates this year, says Australia's economy is running at or near "trend" after skirting last year's global recession. Gross domestic product grew in the fourth quarter at the fastest pace in almost two years, rising 0.9 per cent.
National vacancies advertised in newspapers and on the internet averaged 162,692 per week last month, yesterday's ANZ Bank report showed. Newspaper advertisements fell 1 per cent to an average 9849 a week. internet notices rose 2 per cent to 152,843.
- BLOOMBERG
