ANZ-Indeed Australian Job Ads edged up 0.1% m/m in December following a downward revision in November to -5.1% m/m from -4.6% m/m. In trend terms, the series was down 2.0% m/m.
ANZ-Indeed Australian Job Ads has fallen 17.5% from the November 2022 peak but is still 36.5% higher than pre-pandemic levels.
ANZ Senior Economist, Catherine Birch said: “ANZ-Indeed Job Ads rose a marginal 0.1% m/m (seasonally adjusted) in December, after a cumulative drop of 8.9% between August and November. In original terms, there was a 10.0% m/m fall, reflecting the seasonal drop off in recruiting going into the holiday break.
“ABS job vacancies only declined 0.7% q/q in November, adding to the evidence that while the labour market is easing, there are no signs of a sharp deterioration approaching. Vacancies per unemployed person declined to 0.68, a two-year low, but this is still double the pre-COVID level. We see the unemployment rate lifting only modestly in 2024.”
Indeed Senior Economist, Callam Pickering, said: “In 2023, ANZ-Indeed Job Ads fell by 14.9%. Around 80% of this decline was driven by New South Wales and Victoria, with both states experiencing a much larger decline in Job Ads than other states and territories.
“The annual decline was relatively broad-based across occupations, with Job Ads down across 70% of occupational categories. The biggest subtractions came from food preparation & service, software development and personal care, which more than offset sizable gains in therapy and education Job Ads. Nevertheless, Job Ads in 80% of occupational categories are still above pre-pandemic levels.”
