The ANZ Job Ads Index for September shows a decline month-on-month and a deceleration in growth year on year. If you're wondering how this could be, it means that year-on-year only looks good because of the growth in the earlier part of the year.

Our CEO Index suggests that this is stagnation rather than decline. While the ANZ measures what has happened, we ask respondents what they intend to do. So our survey should be predictive, and according to our survey more business intended to hire than to fire in the three months from September.

Highlights of the ANZ survey are:

• Job advertisements on the internet and in newspapers decreased by 2.1% in September. Annual growth in total job advertisements decelerated to 3.1% y/y.

• Newspaper job ads were flat in September, while internet job advertising decreased by 2.2% m/m. Newspaper advertising is now 12.8% lower than a year ago, while internet advertising is 4.0% higher over the same period, in part reflecting the continuing structural shift to online advertising.

• In trend terms, total job ads fell by 0.6% m/m in September with the annual growth rate slowing to 3.8% y/y. The monthly trend in job advertisements began slowing in January and has been negative since April.

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