ANZ-Indeed Australian Job Ads rose 1.8% m/m in June, following an upwardly revised 0.6% m/m decline in May. In trend terms, the series was up 0.5% m/m.
ANZ-Indeed Australian Job Ads in June had the strongest monthly increase since September 2024, following two months of declines.
"After two consecutive months of decline, the ANZ-Indeed Australian Job Ads series has bounced back, from 114.8 in May to 116.9 in June. The series has moved within a tight 114-117 range since mid-2024, but this marks the highest level in 12 months," ANZ Economist Aaron Luk said.
"The ABS Job Vacancies release also shows that labour demand remained elevated, rising 2.9% to 339,400 in the three months to May. The rise was mainly driven by a 3.2% increase in private sector vacancies. The unemployment rate and the hours-based underutilisation rate (a broader measure of spare capacity) have been broadly moving sideways since mid-2024.
"Given the ongoing tightness in Australia's labour market and the overall resilience in its economy, we maintain our expectation that this easing cycle will be relatively shallow. We expect the RBA to cut the cash rate by 25bp in its July and August meetings."
"In June, growth in Job Ads was concentrated in Queensland and New South Wales, which more than offset falls in Victoria and South Australia. Job Ads in Queensland jumped to their highest level since February, after contracting significantly over the first half of the year," Indeed Senior Economist, Callam Pickering said.
"Job Ads for management and sales opportunities rebounded in June, after being two of the weaker performers over the past year. Software development continues to recover, increasing to its highest level since October 2023. Education remains a drag on job creation, falling once again in June, while opportunities for nurses also continue to ease."
