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Wednesday, Australia's Department of Education, Employment and Workplace Relations said the monthly leading indicator of employment rose to minus 0.962 for September from a revised reading of minus 1.123 in August. The index, thus improved for the third month in a row.
The department said, the indicator is tentatively foreshadowing a quickening in the pace of employment growth to above its long-term trend rate of 1.9% per annum. Another three consecutive monthly increases in the indicator are required to confirm that there was a turning point in the indicator in June 2009.
Four components of the leading indicator are ANZ Newspaper Job Ads, Dun and Bradstreet Employment Expectations, Westpac-Melbourne Institute Leading Index of Economic Activity and Westpac-Melbourne Institute Consumer Sentiment Index.
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