NAB/SEEK: Job Ads Extend Record Highs

The Latest NAB/SEEK labour market report notes that “new job ads rose 2.2% m/m in February, with job ads recovering as the relatively mild and short-lived impact of the Omicron variant became evident. The increase in the month sees job ads extend last month’s record high in the 23 year history of the SEEK data. Overall, ads are 57.8% higher than pre-pandemic levels.”

• “The record level of Job Ads suggests labour demand has remained very strong even as employment has recovered to record levels and the unemployment rate remained at its low level of 4.2% in January. Strong labour demand continues to be broad based, with job ads across most industries well above pre-pandemic levels. The increase in job ads continues to be most pronounced in Hospitality and Tourism and Agriculture, industries that tended to employ a large number of temporary visa holders prior to the pandemic.”
• “The job ads data supports other indicators that suggest momentum in labour demand continued into 2022.”
• “Candidate availability (reported with a one month lag) declined 2.4% in January and remains consistent with a tight labour market. There are around 50% fewer applications per advertisement than prior to the pandemic. The reopening of international borders is likely to see some acute pressures abate, though uncertainty regarding the pace of return remains”