ANZ-Indeed Australian Job Ads: down 15.3 per cent in 2024
ANZ-Indeed Australian Job Ads declined 2.1 per cent m/m in August, following an upwardly revised 2.7 per cent m/m fall in July. In trend terms, the series was down 2.2 per cent m/m.
ANZ-Indeed Australian Job Ads has fallen 29.8 per cent from its peak in November 2022, but is still 11.4 per cent above pre-pandemic levels.
ANZ Economist, Madeline Dunk said: “ANZ-Indeed Australian Job Ads declined in August for the seventh consecutive month to be down 15.3% so far in 2024. Yet employment has risen by 318k in 2024 (273k in full-time employment), and six-month average employment growth is running at its strongest pace since late 2022. Part of the decline in the series (which measures total job ads rather than new job ads) is likely due to workers finding jobs. Labour supply is pushing higher, with the participation rate hitting a record 67.1% in July. The female participation rate lifted to a new peak of 63.2%, while the male participation rate was the highest since January 2016 at 71.2%. The downward trend in Job Ads and the move upward in the unemployment rate suggests that labour supply and demand are moving towards balance.”
Indeed Senior Economist, Callam Pickering said: “In August, Job Ads continued to fall across most states, led by Western Australia, Victoria and Queensland, which more than offset gains across South Australia and Tasmania. The 22.9% decline in Job Ads over the past year has been concentrated in New South Wales and Victoria, with more modest falls elsewhere. Defying national trends, Job Ads jumped in August in key sectors, such as retail trade, education and food preparation. For retail trade, August marks the beginning of the Christmas hiring period, with opportunities set to rise sharply over the next few months.”