ANZ-Indeed Australian Job Ads fell 2.8% m/m in February following a significant upward revision in January to 3.4% m/m from 1.7% m/m. In trend terms, the series declined 0.2% m/m.
While ANZ-Indeed Job Ads has fallen 16.6% from the November 2022 peak, the series is still 37.8% higher than pre-pandemic levels.
ANZ Economist, Madeline Dunk said: “ANZ-Indeed Job Ads resumed its downward trend in February, falling 2.8% m/m. This follows a softer than expected labour force survey in January, where hours worked fell 2.5% m/m, employment grew by just 500 and the unemployment rate rose to 4.1%. The downward movement in Job Ads suggests there is scope for the unemployment rate to rise further, as do recent changes in labour market flows. That said, we think most of the near-term adjustment in the labour market will be via a fall in hours worked rather than employment.”
Indeed Senior Economist, Callam Pickering said: “In February, the decline in ANZ-Indeed Job Ads was concentrated in Victoria, South Australia and Western Australia, while New South Wales fell modestly. That said, Victoria and New South Wales account for more than three-quarters of the overall decline in Job Ads over the past year. The tech sector remains the biggest source of Job Ad declines over the past year, along with food preparation and personal care. The best performers have been in education and healthcare, particularly for doctors and nurses. Overall, Job Ads in 92% of occupational groups declined over the past year.”
