Job ads plunge

ANZ-Indeed Australian Job Ads fell 3.3 per cent m/m in September following a downwardly revised 0.3 per cent m/m decline in August. The trend series fell 1.5 per cent m/m, after a 1.0 per cent m/m fall in August.

"ANZ-Indeed Australian Job Ads in September saw the largest monthly decline since February 2024, dropping 3.3 per cent m/m, with an annual decline of 4.3 per cent y/y. Job ads have now declined for three consecutive months after holding broadly steady for over a year, suggesting labour market conditions are beginning to ease. Employment growth in recent months has been muted while the latest job vacancy data from both the ABS and Jobs and Skills Australia have shown modest declines. On a per unemployed person basis, both ANZ-Indeed Job Ads and ABS job vacancies have declined to their lowest rates since early 2021," said ANZ Economist Aaron Luk. 

"Overall, we find that the labour market has eased slightly in recent months, versus the RBA’s view that conditions have been “steady” and “stable” in their September post-meeting statement," he said. 

"Seasonal hiring ramped up through September, with strong gains in retail, food preparation and sales. Many retailers are already looking for Christmas staff, although hiring so far appears a little weaker than at the same point last year. In September, gains in those areas were offset by more broad-based easing, led by fewer Job Ads in education, management and administrative assistance," said Indeed Senior Economist Callam Pickering. 

"Growth varied considerably across states in September, with Job Ads rising in Western Australia and Tasmania, but falling sharply in Victoria and Queensland. Over the past year, Victoria, Queensland and New South Wales have subtracted the most from Job Ad growth, whereas Western Australia continues to hold steady."

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