NAB/SEEK: Job Ads Return To Record Highs

NAB note that “SEEK new job ads rose 4.9% m/m in January, more than retracing December’s fall. The increase in the month took job ads to a new high in the 23 year history of SEEK. Overall, ads are 54.2% higher than pre-pandemic levels. The record level of Job Ads suggests labour demand has been very resilient as the Omicron wave impacts Australia, no doubt because much of the economy has not been locked down. Job Ads remained very elevated over the past few months in Victoria and NSW even as rehiring occurs coming out of lockdowns and employment in those states recaptured earlier highs. That points to ongoing strong labour demand even at the current historically low unemployment rate.”