ANZ-Indeed Job Ads: ongoing resilience

ANZ-Indeed Australian Job Ads rose by 1.9% m/m in August following an upward revision in July to 0.7% m/m from 0.4% m/m.

In trend terms, the series is up 0.8% m/m in August. ANZ-Indeed Australian Job Ads have fallen 7.8% from the September 2022 peak but remain elevated compared to pre-COVID levels.

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ANZ Economist Madeline Dunk said: “ANZ-Indeed Australian Job Ads are showing surprising resilience, rising 2.6% over the last two months. The recent upswing has lifted the number of Job Ads above April levels. We expect the buoyancy in ANZ-Indeed Australian Job Ads to fade as the economy cools. While the labour market remains very tight, the underemployment rate has risen from its recent low, and the July Labour Force Survey showed an increase in the unemployment rate.”

Indeed Senior Economist Callam Pickering said: “The pick-up in Job Ads over the past two months has been driven by New South Wales and Queensland, with smaller contributions coming from the other mainland states. Recent growth has been concentrated in education and healthcare, specifically doctors and nurses, with Job Ads for retail also rising at a seasonally strong pace. These gains have offset a significant decline in tech opportunities, which have steadily fallen throughout 2023.”

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