According to an ANZ survey, job ads have had the biggest fall in the 30 year history of survey. Job advertisements fell 8.6% in November with a year on year decline of 18.6%. Today’s drop is the seventh month the number of Job advertisements have contracted.
This data doesn’t paint a rosy picture for the housing market. While mortgage holders have seen interest rates fall, this will be little help if they lose their jobs and are unable to find alternative work. The number of job loses in recent months is also on the increase with the unemployment rate expected to more than double by 2010.
» Job ads dive – The Sydney Morning Herald, 8th December 2008.