ANZ job ads fell 0.5% in September and August was revised down to 1.5% (from 2%). This leaves the annual comparison above 20% due to Covid-related base effects. But assuming that the level of unemployed is unchanged in September, the ratio of vacancies-to-unemployed would have declined slightly but is still very close to 50%, suggesting that the labour market remains tight but isn’t becoming more so.
ANZ job ads % unemployment*
Source: MNI - Market News, ANZ, Refinitiv
*assumes September unemployed unchanged from August