ANZ-Indeed Job Ads: momentum fades
ANZ-Indeed Australian Job Ads fell 3.0% m/m in October following a downward revision in September to -0.5% m/m from -0.1% m/m. In trend terms, the series was down 1.2%m/m.
ANZ-Indeed Australian Job Ads has fallen 11.2% from the September 2022 peak but remains 44.9% higher than pre-COVID levels.
ANZ Economist, Madeline Dunk said: “ANZ-Indeed Australian Job Ads has declined 3.5% over the last two months, taking the series to its lowest level since January 2022. The number of Job Ads, however, is still elevated compared to historical levels. Slack is slowly creeping into the labour market. Hours worked have been falling, recent jobs growth has been driven by part-time employment, youth unemployment has been rising and the underemployment rate has been moving up. This, along with the modest unwinding in job ads numbers, suggests the unemployment rate will rise further.”
Indeed Senior Economist Callam Pickering said: “The imbalance between labour demand and supply is gradually easing. Job Ads are down 11.4% over the past year, while Australia’s population aged 15+ increased 2.8% over the year to September. Recent weakness in Job Ads has been concentrated in NSW and Victoria, with a more modest subtraction from Queensland. Driving this year’s decline in Job Ads is fewer opportunities in food preparation & service, software development and personal care, which offset more opportunities in healthcare and education.”