Job ads jolt

The fall in June job advertisements has seen the market sell off, reinforcing investor perceptions the falling dollar shows the economy is ailing.

Australian stocks dropped as much as 1.2% after job advertisements fell in June, especially in Western Australia – the heart of Australia’s mining boom – pointing to a deteriorating economy that will impede earnings growth in the year ahead.

At 1309 AEST the S&P/ASX200 Index was down 44.448, or 0.9%, to 4787.30, after falling as much as 4786.10. In morning trading the index had gained as much 0.2%.

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