Australia's leading indicator of employment improved in August after falling for seven consecutive months, data from the Department of Education, Employment and Workplace Relations (DEEWR) showed Wednesday.
The corresponding index rose by 0.027 point in August, recovering from the 0.044 point decrease seen in July, which was the seventh successive deterioration.
Three of the indicator's four components recorded growth during the month, while the ANZ Newspaper Job Ads series declined further.
DEEWR said it is too early to confirm that a renewed quickening in the pace of employment growth above its long-term trend rate of 1.7 per cent per annum is in prospect, because the indicator has risen for fewer than six consecutive months.
Meanwhile cyclical employment, which appears to have reached an inflexion point recently, has resumed its downward trajectory, the agency said.
The leading indicator is designed to give advance warning of turning points in cyclical employment, which is measured as the deviation of the one-year trend in employment from the six-year trend.
by RTT Staff Writer
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