ANZ-Indeed Australian Job Ads: plateau

ANZ-Indeed Australian Job Ads rose 2.8% m/m in April after falling 1.0% m/m in March. In trend terms, the series was up 0.7% m/m. While ANZ-Indeed Job Ads has fallen 14.3% from its peak in November 2022, the series is still 36.5% higher than pre-pandemic levels.

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ANZ Economist, Madeline Dunk said: "2023’s downward trend in ANZ-Indeed Job Ads has stalled in 2024, at least for now. The series has risen 3.9% since its recent trough in November last year, and the three-month moving average has been steady over the past few months. In Q1, 78% of businesses that responded to NAB’s business survey reported labour was a constraint on output. While this is down from the peak of 91% in Q3 2022, it is still well above the pre-pandemic average of 42% and aligns with what ANZ-Indeed Job Ads is telling us – that supply and demand imbalances in the labour market have yet to normalise."

Indeed Senior Economist, Callan Pickering said: "In April, ANZ-Indeed Job Ads were pushed higher by strength in South Australia, Western Australia and Queensland, which offset a weaker result in New South Wales. Healthcare Job Ads were a drag on national growth in April, led by nursing and physicians, but that is expected to be short-lived. This was offset in April by relatively broad-based growth elsewhere. Job Ads are still down across most sectors over the past year, led by sizeable declines across software development, management and administration opportunities." 

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