"ANZ Job Ads slipped a further 2.5 per cent in August as NSW remained in lockdown for a second month and Victoria entered its sixth lockdown. But Job Ads has been more resilient this time around: the cumulative 3.7 per cent fall over the past two months was miniscule compared with the 64 per cent plunge last year during the national lockdown." ANZ Senior Economist, Catherine Birch said.
"This is in line with other key indicators, such as consumer confidence, which has fallen but is still well above the lows of 2020. Newly lodged job ads are also holding up better."
"In NSW, they fell 10.3 per cent in July, but were still 24 per cent higher than pre-pandemic. In a positive sign, Victoria’s new job ads rebounded in July following the state’s fourth lockdown, providing evidence that job ads (and employment) should recover quickly again once restrictions ease."
"Admittedly, it is likely that ANZ Job Ads will decline further over coming months, and we expect sizeable employment losses in locked down areas, with the national unemployment rate to lift back above 5 per cent. But given the momentum going into lockdowns, policy support and signs that activity should rebound once restrictions ease, we think the setback will be temporary."