ANZ’s Australian job posting data is a lower level economic indicator and I am skeptical about job posting as an indicator other than automating hiring, but this is tough to ignore.
Ads rose 7.4% in November after rising 6.2% in October. This is the highest since May and comes despite the recent rise in unemployment to 5.2% from 4.5%. This suggests that companies are increasingly sensitive to the possibility of labor shortages, which will inevitably lead to higher wages.
The AUD / USD start to the week was slightly positive after plunging to the lowest of the year on Friday. However, it did not break last November’s low and that could support a rebound, particularly if signs continue to point to milder omicron disease.
It will certainly be a trying week no matter how it starts. Volatility has accelerated since omicron and I don’t think it will subside in the near term.
Also, tomorrow the RBA is meeting and this will add another element to trading.