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NAB/SEEK: Job Ads Suggest Labour Demand Is Past Its Peak

AUSTRALIA

The latest NAB/SEEK report notes that “new job ads declined for the fourth consecutive month. The 5.2% m/m decline in September is an acceleration from recent falls and new job ads are now 10.2% below their recent peak in May 2022.”

  • “Although new job advertising has clearly turned lower, the level of advertising is still 53% higher than pre-pandemic December 2019 levels and highlights labour demand remains very strong. “
  • “What is driving the decline in job advertising? It is likely a combination of excess labour demand easing and some recovery in labour supply. The civilian population aged 15 years plus has increased by an average of 17k a month over July and August compared to 5k a month in the corresponding period in 2021; in 2019 it averaged 31k. Visas granted for foreign students are almost back to 2019 levels, as are working holiday visas. Student accommodation providers are also reporting occupancy levels nearing pre-pandemic levels.”
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
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MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBulletMarketsFixed Income BulletsForeign Exchange Bullets

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