Aus econ/jobs


Building approvals, and ANZ job ads are out.

Job ads

The ANZ-Indeed jobs ads data continued to moderate (see top left graph) down almost 3% in the month, for Feb, and reversing the slight bump we’d seen over the prior months.

Regular readers will know we think “the turn is on” for Aus unemployment, and the resumption of the downtrend in the Indeed data supports this view (meaning, in our view, that unemployment will march steadily higher).

Building approvals

It is a little hard to overstate how bad the building approvals data is, and how unlikely it is to get better in anything like the near-to-medium run.

A recession will get the rates down, but only worsen the supply-side issues down the track.


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