Job Ads continue to gain in October

ANZ Australian Job Ads rose 9.4% m/m in October, following an upwardlyrevised

8.3% in September, but remain 13.5% lower than the February level.

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ANZ Senior Economist, Catherine Birch, commented:

The ANZ Job Ads recovery maintained a steady pace into October, rising

9.4% m/m. Job Ads have now regained more than three-quarters of the plunge

they took in March and April.

As we noted last month, though, we think Job Ads will need to exceed prepandemic

levels for some time to ensure the ongoing recovery in employment

and reduce labour market underutilisation. SEEK data show its job ads are

already above pre-pandemic levels in most states and the Northern Territory,

but there is some way to go in the ACT, New South Wales and Victoria.

Nationally, ANZ Job Ads are still 13.5% below their February level, but the

reopening of Melbourne will provide a boost from November.

As direct fiscal support drops off, leading some businesses to close or downsize,

we expect some employment losses. But we may not see the same effect on Job

Ads, as it seems unlikely that many businesses in a tenuous position would be

recruiting. Business and consumer confidence will be critical to a sustained

improvement in hiring activity and employment growth though.

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