Australian help-wanted notices advanced in March for a third straight month, reaching the highest level in 3 1/2 years, as resource investment spurs hiring, a private report showed.
Jobs advertised in newspapers and on the Internet rose 1 percent last month, according to an Australia & New Zealand Banking Group Ltd. (ANZ) report released in Melbourne today. From a year earlier, recruitment postings were 2.8 percent higher and are the highest since November 2008, it said.
The report underscores Reserve Bank of Australia Governor Glenn Stevens’s decision at all three meetings this year to keep the nation’s benchmark interest rate unchanged at 4.25 percent, the highest level among major developed nations. Resource projects valued at A$456 billion ($470 billion), fueled by companies such as BHP Billiton Ltd. (BHP), are helping cushion a slump in manufacturing and services hurt by a strong currency.
“Increased volatility in other activity indicators from the rising importance of mining may spill over into job ads at times, but we remain optimistic on hiring intentions as a result of the mining boom,” Warren Hogan, chief economist at ANZ Bank, said in a statement.
An April 12 government report is expected to show employers added 6,500 workers in March and the jobless rate advanced to 5.3 percent from 5.2 percent, according to a Bloomberg News survey of 24 economists.
National vacancies advertised in newspapers fell 0.6 percent in March, and Internet notices advanced 1 percent, today’s report showed.
To contact the reporter on this story: Michael Heath in Sydney at email@example.com
To contact the editor responsible for this story: Shamim Adam at firstname.lastname@example.org