ANZ-Indeed Australian Job Ads: another rise

ANZ-Indeed Australian Job Ads rose 1.7% m/m in January following an upward revision in December to +0.6% m/m from +0.1% m/m. In trend terms, the series fell 0.1%m/m.

ANZ-Indeed Australian Job Ads has fallen 15.5% from the November 2022 peak but is still 39.9% higher than pre-pandemic levels.

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ANZ Economist, Madeline Dunk said: “ANZ-Indeed Job Ads has risen 2.3% over the past two months, following a steady decline over the previous 12months. This stabilisation at a still-elevated level highlights the labour market’s resilience.

“There is no doubt the labour market is cooling, but we do not expect to see a significant downturn anytime soon. NAB’s business survey showed 79.9% of businesses reported labour as a constraint on their output in Q4, and the unemployment rate remains historically low at 3.9%, despite a pick-up over the past few months. We expect the unemployment rate to rise modestly to 4.2% by the end of the year.”

Indeed Senior Economist, Callam Pickering said: “In January, the increase in ANZ-Indeed Job Ads was driven primarily by Victoria, which offset weakness in New South Wales and Queensland. That said, the overall decline in postings over the past year remains concentrated in New South Wales and Victoria.

“The biggest contributors to January’s gain came from management and software development. However, software development also made the biggest subtraction from annual growth, with January’s increase ending 10 consecutive monthly declines.Overall, Job Ads in 86% of occupation groups are down over the year.”

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