The biggest single monthly lift in job ads may be a sign the worst of the recession has passed.Credit:Virginia Star
Recent retail trade figures and the reopening of most states have given the bank some hope that after the depths of the economic downturn through April and early May there has been a modest turnaround.
The keenly watched ANZ measure of job ads,released Monday,gave some hint of the improvement with ads soaring a record 42 per cent in June.
The ANZ said the jump in June saw total ads lift by 26,380. It dwarfed the previous one-month increase of 17.7 per cent recorded in February 2010.
Despite the lift,ads are still 41 per cent or 61,671 down on where they stood in February before social distancing rules were put in place to stem the spread of the coronavirus.
ANZ senior economist Catherine Birch said there had been solid week-on-week increases through June as the economy reopened.
But Ms Birch cautioned that the recovery in ads would slow.
"After an initial bounce,we expect the recovery will be a lot slower,"she said.