The latest data from the ANZ-Indeed Australian Job Ads series reveals a positive trend in the job market, although experts warn of potential challenges ahead. In August, job ads experienced a 1.9% month-on-month increase, following a revision that raised July's growth from 0.4% to 0.7%.
However, when viewed in trend terms, job ads saw a modest decline of 0.8% month-on-month in August. The year-on-year perspective shows a 7.7% decrease in ads, although they still remain a notable 52.2% higher compared to pre-pandemic levels.
ANZ economist Madeline Dunk remarks, "Job ads have displayed remarkable resilience, witnessing a 2.6% increase over the last two months. This recent upswing has elevated the number of job ads beyond the levels seen in April."
Dunk goes on to caution, "We anticipate that the buoyancy observed in ANZ-Indeed Australian Job Ads will wane as the economy cools. While the labour market remains tight, the underemployment rate has risen from its recent low, and the July labour force survey indicated an increase in the unemployment rate."
On a different note, Indeed senior economist Callam Pickering points out that the surge in job ads over the past two months has primarily been driven by New South Wales (NSW) and Queensland, with smaller contributions from other states.
Pickering explains, "Recent growth has been particularly concentrated in the fields of education and healthcare, particularly in roles for doctors and nurses. Additionally, job ads in the retail sector have shown strong seasonal growth. However, these gains have been offset by a notable decline in opportunities in the tech sector, which have steadily decreased throughout 2023.”