ANZ-Indeed Australian Job Ads fell 4.6% m/m in November following a downward revision in October to -3.4% m/m from -3.0% m/m. In trend terms, the series was down 3.4%m/m.
ANZ-Indeed Australian Job Ads has fallen 16.8% from the November 2022 peak but is elevated compared to pre-pandemic levels.
ANZ Economist, Madeline Dunk said: “ANZ-Indeed Australian Job Ads has fallen a cumulative 8.4% over the last three months, but the series remains very high compared to historical levels. The decline in job opportunities highlights that the labour market is cooling, and points to a further lift in the unemployment rate(Figure 1). Our new hours-based full employment indicator, the FTE-Pop, suggests the RBA has increased the cash rate enough to reduce the inflationary pressures coming from the labour market. We expect the number of job ads to moderate as the impacts of this tightening cycle continue to show up in the labour market.”
Indeed Senior Economist, Callam Pickering said: “The monthly decline in ANZ-Indeed Job Ads was the largest since June 2018,excluding the pandemic. The decline over the past three months has been concentrated in New South Wales and Victoria, with a smaller subtraction from Queensland and South Australia. Western Australia and Tasmania defied the national trend. Job Ads fell the most in the therapy, sales and software development categories, offsetting gains in food preparation, education and mechanical engineering opportunities.”
