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Australia's monthly leading indicator of employment rose for the fourth consecutive month in October, after falling for a revised 19 consecutive months, the Department of Education, Employment and Workplace relations said Wednesday.
The leading indicator climbed to minus 0.934 in October from minus 1.104 in the previous month.The report said the indicator was still tentatively foreshadowing a quickening in the pace of employment growth to above its long-term trend rate of 1.8% per annum.
"Another two consecutive monthly increases in the Indicator are required to confirm that there was a turning point in the Indicator in June 2009", the DEEWR added.
Meanwhile, cyclical employment dropped for the 17th consecutive month in October.
The DEEWR leading indicator of employment is the average of four time series variables: the ANZ newspaper job ads series, Dun and Bradstreet employment expectations,Westpac-Melbourne Institute leading index of economic activity, and the Westpac-Melbourne Institute consumer sentiment index.
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