The Reserve Bank of Australia received more evidence that job market tightness may be easing as NAB/SEEK new job ads fell 5.2% m/m in September, the fourth consecutive monthly decline.
New jobs ads, as measured by the online jobs website, are down 10.2% from their May peak and echoes a cooling in labour demand revealed in the 0.5% m/m decline in ANZ job ads in September. (See MNI BRIEF: ANZ Job Ads Ease; RBA Still Sees Tight Jobs Market). SEEK job ads remain 53% above pre-pandemic levels.
The RBA said it would closely monitor the jobs market in its post-meeting statement following its decision to hike a smaller-than-expected 25bp to 2.6% on Oct 4. (See MNI STATE OF PLAY: RBA Taps Brakes, Sees Slower Pace of Hikes)
"Given the tight labour market and the upstream price pressures, the Board will continue to pay close attention to both the evolution of labour costs and the price-setting behaviour of firms in the period ahead," the statement said. Australia's unemployment rate was 3.5% in August.