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Job Ads Normalising, Labour Market Tightness Easing

AUSTRALIA DATA

SEEK job ads fell 3.7% m/m in October, mainly driven by Victoria (-7.9%), to be 13.5% below their peak in May. This fifth consecutive monthly decline reflects some normalisation in the labour market, as ads remain elevated and 47.9% above pre-Covid figures. This report suggests that the worst of the labour market tightness may be behind us but survey indicators do not yet suggest it is softening yet.

  • NAB, who partner with SEEK on this data, commented that the pull-back likely reflects an easing in labour demand as conditions normalise. There has also been some recovery in labour supply with the resumption of immigration.
  • NAB/SEEK note that this month’s decline was not as broad based as September’s, and the decline was concentrated in those industries which had seen the strongest increases in job advertising post-Covid (tourism -12.5% and retail -9.9%).
  • Applications per advertisement rose 7.3% in September, and while still low are now turning back up.
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