Australia: Job vacancies posts first drop in almost 2 years - TDS

Research Team at TDS, notes that Australian job vacancies in the 3 months to May fell 1.9%, the first drop in almost 2 years following an upwardly revised 2.8% rise in the 3 months to Feb.

Key Quotes

“It’s is early days, but the drop may represent a possible sign that demand for labour may have peaked.

Private Sector Credit for May rose +0.4%/m which was a touch below expectations of +0.5%/m with lending on the year +6.5% vs a +6.7%/yr estimate. Loans to buy houses rose 0.5%/m (RBA cut), +6.9%/yr and lending to companies rose 0.3%/m, to be +7.1%/yr a little below the 7.4%/yr growth in lending to companies seen in April,  the highest in 4yrs.

The ABS Financial Accounts were released today, showing ACGBs held offshore crashed to 60.6%, a pre-GFC low, as significant issuance swamps offshore demand.”