Job ads decline for third consecutive month in June: Midday roundup

The number of job ads published on the internet and in print declined for a third consecutive month in June, according to the latest figures from ANZ.

The ANZ job advertisements survey found the total number of ads fell 1.2%, and ads are now down 8.9% on the same time last year.

Internet job ads fell 1.1%, and are now down 8.5% from a year ago, while newspaper ads are down 3.3%, and are also down 17.5% from the same time last year.

ANZ senior economist Justin Fabo said in a statement the survey is suggesting the job market is weakening.

“In part, this likely reflects hesitation among some firms to hire additional staff in the face of heightened uncertainty about the global economy again in recent months, particularly in Europe,” he said.

“It also likely shows the pressure on profitability that some firms are experiencing, for a range of reasons, and may be an early signal that businesses are turning their attention to improving productivity.”

Swan defends Government against Queensland mining tax challenge

Treasurer Wayne Swan has said he believes the High Court challenge on the Federal Government’s mining tax is “futile”.

The Queensland Liberal National Party government has now announced it will join a legal challenge against the tax started by Fortescue Metals Group.

“The challenge is futile – even the premier of Western Australia has said a challenge would be unsuccessful,” Swan told reporters today, according to AAP.

But Queensland attorney-general Jarrod Bleijie said the response is necessary.

“We’re wanting to reduce the unemployment rate in Queensland to 4% in six years,” he told ABC Radio.

“We can’t do that if the Federal Government keeps attacking our resource-rich mining sector.”

Shares fall on weak US jobs data

The sharemarket has opened weaker today due to poor results in US jobs data overnight – the country added 80,000 jobs, and economists were expecting 90,000.

The benchmark S&P/ASX200 index was down 30 points or 0.7% to 4127.1 at 12.10 AEST, while the Australian dollar rose slightly to $US1.02.

ANZ chief in the running for Barclays role

ANZ chief executive Mike Smith may be in the running for the top job at Barclays, after former boss Bob Diamond resigned amid the current interest rate setting scandal.

According to The Wall Street Journal, Smith has been named as one of several candidates Barclays may be considering for the role.

The board is expected to receive a short list within the next few weeks to find a replacement within months.

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