ANZ-Indeed Australian Job Ads uptick

ANZ-Indeed Australian Job Ads rose 1.6% m/m in September, following an upwardly revised 1.8% m/m fall in August. In trend terms, the series was down 0.3% m/m. ANZ-Indeed Australian Job Ads has fallen 28.1% from its peak in June 2022 but is still 14.3% above pre-pandemic levels. 

ANZ Economist, Madeline Dunk said: “ANZ-Indeed Australian Job Ads lifted 1.6% m/m in September, its first increase in eight months. While the series is down 15.8% since January, this could signal the trend of decline since 2022 is slowing. The broader labour market is looking resilient. Employment is up 143k over the last three months, full time employment has grown more than 100k over this period, and underemployment remains low at 6.5%. Annual growth in hours worked is at an 11-month high and the ABS has noted the share of people working fewer hours due to economic reasons (i.e no or less work available) remains below pre-COVID levels, despite the slowdown in economic growth. Participation is also at a record high. Job Ads as a share of the labour force is sitting just above the 2019 average.”

Indeed Senior Economist, Callam Pickering said: “In September, the rebound in ANZ-Indeed Job Ads was led by Queensland, where Job Ads rose to their highest level since October last year, followed by sizable gains in Victoria and New South Wales. More than a third of the non-seasonally adjusted jump in Job Ads was due to the retail sector, with Christmas-related jobs ramping up throughout September. Gains were broadly in-line with Christmas-related hiring last year. Overall, Job Ads in September rose in three-quarters of occupations, compared to half in August, indicating that gains were relatively broad-based.”

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