Unemployment will rise to 7pc - ANZ

Job advertisements fell back almost 3 per cent in September, pointing to unemployment rising towards 7 per cent in coming months, according to an ANZ Bank survey.

There was a 5.9 per cent fall in newspaper job ads in the month, while internet job ads dropped 2.4 per cent in September.

In total, job ads were down 2.9 per cent, seasonally adjusted, after a gain of 0.6 per cent in August.

ANZ's composite indicator which gives greater weighting to newspaper ads, fell 4 per cent.

"This continues to suggest the unemployment rate will rise towards 7 per cent over the next six months," ANZ said.

In the June quarter, official unemployment rose slightly to 6.8 per cent, back towards the peaks seen in late 2009 after the global financial crisis hit.

ANZ said anecdotes of job cuts in the tradeables sector were starting to build up.

The trend for job ads was flat, but total job ads were 6 per cent below their post-recession peak seen in the middle of last year.

Canterbury jobs are continuing to rise, while other regions remain flat-to-falling, ANZ said.

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