Australia job ads fall 2.1% in August m/m, ANZ-Indeed data shows
9:32 pm Sunday, September 01st, 2024
SYDNEY (Reuters) – Australian job advertisements fell for a seventh straight month in August, data showed on Monday, as demand for labour continued to ease in the face of high interest rates and a slowing economy.
Data from Australia and New Zealand Banking Group and employment website Indeed showed job ads fell 2.1% in August from July, when they dropped by 2.7%.
Job ads for August were down 22.9% from a year earlier. They have fallen 29.8% from their peak in November 2022 but remain 11.4% higher than pre-pandemic levels.
ANZ economist Madeline Dunk said part of the decline in the series was likely due to workers finding jobs.
“The downward trend in Job Ads and the move upward in the unemployment rate suggests that labour supply and demand are moving towards balance,” said Dunk.
The Reserve Bank of Australia has left interest rates unchanged at 4.35% since November, although policymakers have judged the labour market was still running a little hot, a reason that they have ruled out a near-term rate cut.
(Reporting by Stella Qiu; Editing by Sonali Paul)
