The business sector has been left a little confused by the latest reports from NAB and ANZ which indicate a jump in business confidence and a slide in job ads.
The NAB monthly business survey rose 12 index points in May showing confidence among the business sector is improving. However, the ANZ survey of job advertisements found that listings in newspapers and online fell by 0.2 percent in May.
Job ads have declined by 49.9 percent over the year, suggesting unemployment could rise.
ANZ head of Australian economics Warren Hogan said: “Overall job advertising remains weak and is consistent with rising unemployment over the year ahead.”
Commenting on the rise in business confidence, NAB chief economist Alan Oster said this could be reflected in a rise in global share markets, higher commodities prices and a narrowing of spreads on credit markets.
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