ANZ-Indeed Australian Job Ads ticked down by 0.1% m/m in September following a downward revision in August to +1.7% m/m from +1.9% m/m. In trend terms, the series rose 0.8%m/min September.
ANZ-Indeed Australian Job Ads has fallen 8.2% from the September 2022 peak but remains 51.4% higher than pre-COVID levels.
ANZ Economist Madeline Dunk said: “ANZ-Indeed Australian Job Ads remained steady in September, falling just 0.1% m/m. The series has demonstrated remarkable staying power recently and has lifted 2.2% over the last three months. The Australian labour market is loosening. While things are still tight, the underemployment rate has been creeping upwards, the unemployment rate has risen to 3.7% and hours worked fell in August. This continued cooling of the labour market should help temper any future gains in Job Ads.”
Indeed Senior Economist Callam Pickering said: “Over the past three months, the overall increase in Job Ads has been concentrated in education and healthcare, specifically therapy, doctors and nurses. Even retail has rebounded a little owing to strong Christmas hiring. Gains in these areas have offset ongoing weakness in tech and food preparation. Job Ads have increased in almost half of occupational sectors over the past three months, reflecting a notable change from the broad-based declines observed earlier this year.”
