ANZ-Indeed Australian Job Ads: stabilisation

ANZ-Indeed Australian Job Ads rose 0.3 per cent month on month in October, following an upwardly revised 2.3 per cent month on month rise in September. In trend terms, the series was up 0.5 per cent month on month.

ANZ-Indeed Australian Job Ads has fallen 27 per cent from its peak in June 2022 but is still 16.1 per cent above pre-pandemic levels.

 "ANZ-Indeed Australian Job Ads recorded its second consecutive rise, with the series up 2.6% over the last two months. This suggests the downward trend in Job Ads may be stabilising," ANZ Economist, Madeline Dunk said.

"The lift follows a string of stronger than expected Labour Force Survey results. Employment growth has averaged 45,000 over the past six months, the participation rate is at a record high, and the unemployment rate remains relatively low at 4.1 per cent. 

"Some of this strength is linked to the ongoing expansion of the care economy, with the ‘carers and aides’ occupation group showing the largest increase in employment over the last year. Given the ageing population and growth in the National Disability Insurance Scheme (NDIS), it’s likely we will see demand for workers in this sector continue to rise solidly."

"In October, growth in Job Ads was concentrated in South Australia and New South Wales, which more than offset a drop in Victoria and Tasmania," Indeed Senior Economist, Callam Pickering said.

"The 15.8 per cent annual decline in Job Ads has mainly been driven by New South Wales and Victoria, with more modest declines observed elsewhere.

"Growth in Job Ads in October were Christmas-themed, with both retail and food service opportunities rising considerably. Customer service Job Ads also rose. Over the past three months, Job Ads have increased in half of all sectors, a notable improvement on the widespread declines from earlier this year. This is another sign that Job Ads may be stabilising."

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