Job ads slump – SMH 8-9-08

SMH article 8-9-08†- excerpts and comments.

“The number of job advertisements in Australian newspapers and on the internet fell again in August, marking the largest monthly decline in more than seven years.”

“The ANZ monthly job advertisements series found the total number of jobs ads in major metropolitan newspapers and on the internet in August fell by 4.9% to an average of 249,114 per week seasonally adjusted. This follows a fall of 0.3% in July† and down 0.3% from a year earlier.”

“The number of job ads in major metropolitan newspapers fell by 4.0% last month to an average of 15,105 per week, following a decline of 5.2% in July.

Newspaper job ads are now 25.8% lower than in August 2007.”

“The number of jobs advertised on the internet fell 5.0% in August to an average of 234,009 per week, down from an average of 246,197 in July.”

“The recent trends in newspaper job advertisements highlight the risk of an even more rapid slowing of employment growth than previously thought.”

ANZ is currently forecasting unemployment to be around 5% by mid-2009, but said it may need to adjust that figure if there are similar declines to those seen last month.

The trend in job ads were consistent with other indicators of domestic spending which had slowed abruptly over the first half of 2008.

Certainly, in the insolvency market, we are witnessing numerous liquidations involving the loss of many positions. No doubt, as more and more companies are experiencing solvency issues, they are less likely to be hiring staff and are in fact likely to be re-organising and trying to maintain production levels with less staff.

Liquidation Direct operates a free 24 hour insolvency advice line on 1300 767 525.

If you are experiencing financial difficulties, either personally or in business, we may be able to assist with insolvency advice on liquidation, voluntary administration and bankruptcy.