ANZ-Indeed Australian Job Ads fell 1.2 per cent month on month in May, following a downwardly revised 0.3 per cent month on month decline in April. In trend terms, the series was down 0.6 per cent month on month.
ANZ-Indeed Australian Job Ads is now at its lowest level since March 2021 but has remained in a tight range of 114 to 117 (rounded to the nearest 1 point) since mid-2024.
"Although the ANZ-Indeed Australian Job Ads series has remained in a tight range of 114-117 over the last year, the May result is in the bottom of that range and marks the lowest level of job ads since March 2021," ANZ Economist, Aaron Luk said.
"Other signals of labour demand are mixed. ANZ Job Ads per unemployed person has been gradually trending downwards since November last year (Figure 3). Employment rose 89,000 in April, but there has been volatility in the labour force survey data in recent months. Hours worked was flat in April and also declined in February and March.
"The labour market still remains tight, with robust employment growth and a low unemployment rate. Given the overall resilience in the Australian economy, we maintain our expectation that the cash rate will be cut by 25 basis point in August and again in the first quarter of 2026."
"In May, Job Ads rose in New South Wales and Victoria, but that was more than offset by weakness across the rest of the country. Queensland has been the biggest drag on job creation this year, after being one of the stronger markets last year," Indeed Senior Economist, Callam Pickering said.
"Job Ads in education rose throughout May, but no sector has experienced a larger decline over the past year, reflecting sharp falls in Victoria, Tasmania and the Australian Capital Territory. Software development Job Ads also rose, reaching their highest level since October 2023. By comparison, it was a tough month for management, with Job Ads for management and project managers subtracting the most from growth in May."
