SURVEY Job ads growth at five year low October 6, 2008 AAP
Job advertisements have dropped to a five year low after a fourth consecutive monthly fall.
The Olivier Job Index fell 1.17 per cent in September, bringing job ads growth in the last twelve months to 2.03 per cent.
At the same time last year job ads had grown over 50 per cent in the previous twelve months.
"It's been a slow painful decline - a death by a thousand cuts," Olivier Group director Robert Olivier said.
The September interest rate cut by the Reserve Bank didn't appear to have any effect on employers, Mr Olivier said, and the current global financial crisis is likely to nullify any further cuts.
The IT and technology sector was the worst performer of the last 12 months, with ad numbers falling 19.06 per cent, the survey found.
Building and construction job ads fell by 1.99 per cent in September, reflecting a decline in housing approvals.
The engineering sector continues to be the strongest, with the mining boom driving its job ad growth up by 4.09 per cent in September to an annual rate of 36.08 per cent.
Employers appear to be hopeful the local economic slowdown will be short-lived, with temporary and contractor employment ads falling, and permanent positions the most secure, Mr Olivier said.
"There's no point letting people go if you're going to have to rehire in 12 months or less," he said.
"But if employers see the problems lasting longer then we'll see a rise in the jobless rate."
Mr Olivier also predicts self-funded retirees may begin looking to re-enter the job market due to their superannuation values falling in recent stock market losses.
"That may be hard for them," he said.
"It could also be an issue for younger workers, Gen Y and Gen X, who will find their career path blocked. They'll also find they may be discriminated against for a history of frequent job changes."
When labour supply exceeded demand employers became more careful of who they employed, and previous trends indicated they penalised "job hoppers", Mr Olivier said.
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