ANZ-Indeed Job Ads: slight uptick in May

ANZ-Indeed Australian Job Ads rose by 0.1% m/m in May following a downwardly revised 0.7% m/m fall in April. In trend terms, the series declined 0.7%m/m in May. ANZ-Indeed Job Ads remains 51.9% higher than pre-pandemic levels.

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ANZ Economist, Madeline Dunk said: “ANZ-Indeed Australian Job Ads bucked its recent downward trend, with a small rise in May. While Job Ads are 8.0% lower than the September peak, the level remains very high, signalling strong demand for workers. Employment rose by 108k people in the three months to April, and hours worked has lifted in 2023.

“But the path forward appears to be headed in one direction. The unemployment rate rose to 3.7% in April, and the NAB Business Survey’s employment indicator has fallen recently. Strong migration and solid demand should limit the pace of declines in ANZ-Indeed Job Ads, and subsequently the rise in the unemployment rate.”

Indeed Senior Economist, Callam Pickering said: “Since the beginning of the year, Job Ads have declined across three-quarters of the occupational sectors Indeed analysed. The largest falls have been in cleaning & sanitation and food preparation & service, both down by around 30%, ahead of beauty & wellness. Opportunities in retail and tech have also declined considerably. The decline in Job Ads has been concentrated in Victoria and New South Wales.

“However, despite lower job volumes this year, recruitment overall remains challenging with talent shortages widespread, even among those sectors where Job Ads have fallen.”

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