ANZ-Indeed Australian Job Ads fell by 2.5% m/m in June following a downward revision in May to 0.0% m/m from +0.1% m/m. In trend terms, the series declined 1.1% m/m in June. ANZ-Indeed Australian Job Ads have fallen 10.8% from the September peak but remain elevated compared to historical levels.
ANZ Economist Madeline Dunk said: “ANZ-Indeed Australian Job Ads continued its movement downwards, with a 2.5% m/m fall in June. Despite the dip, Job Ads are still 47.5% higher than pre-pandemic levels, and the labour market remains very tight.
“The unemployment rate is near multidecade lows at 3.6% and more than 140k jobs were added to the economy in the three months to May. Businesses continue to report that labour is the biggest constraint on their output and there were 432k job vacancies in Q2. Employees are also responding to the tight labour market conditions by working longer hours, with many taking on a second job or an extra shift.
“It will take time for the labour market tightness to ease. But the direction of change is clear, and we expect an ongoing and orderly moderation in Job Ads.”
Indeed Senior Economist Callam Pickering said: “Recruitment overall remains challenging with talent shortages widespread, even among those sectors where Job Ads have fallen considerably. High population growth, combined with a further decline in Job Ads, will ease these shortages over the remainder of the year.
“The decline in Job Ads this year has been concentrated in Victoria and New South Wales, with more modest declines in the other states and territories. Job Ads have also fallen across three-quarters of the sectors Indeed analysed, led by food preparation, software development and personal care.”
