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Job Ads Suggest Labour Market Not Tightening Further

AUSTRALIA

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

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