ANZ-Indeed Australian Job Ads: small decline

ANZ-Indeed Australian Job Ads fell 1.3 per cent month on month in November, following an upwardly revised 0.7 per cent month on month rise in October. In trend terms, the series was up 0.4 per cent month on month.

ANZ-Indeed Australian Job Ads has fallen 27.6 per cent from its peak in June 2022 but is still 15.1 per cent above pre-pandemic levels.

"ANZ-Indeed Australian Job Ads fell 1.3 per cent month on month in November, although the series is still up 1.7 per cent since its August low. It is possible some of the lift in September and October Job Ads reflected a pull-forward in end-of-year-related hiring. The coming months will determine whether the series resumes its previous downward trend," ANZ Economist, Madeline Dunk said.

"The unemployment rate remains historically low at 4.1 percent and has averaged 4.0 per cent over the past year. Given the continued easing in wages growth, this suggests ‘full employment’ (ie the maximum level of employment that aligns with low and stable inflation) is consistent with an unemployment rate at or below 4 per cent. This may mean the labour market is currently looser than full employment."

"At the state level, the November decline in Job Ads was largely broad-based, with the exception of Queensland. The largest falls were in Tasmania, Western Australia and Victoria. By comparison, Job Ads in Queensland rose for the third consecutive month, reaching its highest level since February 2023," Indeed Senior Economist, Callam Pickering said.

"Christmas-related hiring continues to influence national trends, with a sharp fall in retail opportunities in November only partially offset by growing opportunities in food services ahead of the holidays. Overall, Christmas-related hiring has provided more uplift to Job Ads this year than last year. Job Ads also rose considerably in education and personal care during November, which was more than offset by relatively small but broad-based declines elsewhere."

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