Free Trial
ITALY T-BILL AUCTION PREVIEW

6-Month BOT Size

US TSYS

Market Roundup: Bonds Tracking BTPs

EGB OPTIONS

April Bund Put Buying

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

SEEK Job Ads Decline As Post-Covid Labour Demand Normalises

AUSTRALIA DATA

SEEK job ads fell for their sixth consecutive month in November by 4.9% m/m after -4.1% last month. This data is unlikely to ring alarm bells at the RBA yet, as there are a number of reasons for the recent weakness, they remain elevated and other labour market data remains strong.

  • NAB/SEEK note that a number of sectors, especially hospitality and tourism, had extremely high labour demand levels earlier in the year as they opened up again post Covid. The recent fall in job ads reflects normalisation in these areas. The supply of labour from overseas is also normalising.
  • We have also noticed in the ABS monthly labour market reports a switch towards full-time employment from part-time, suggesting part-timers are going full-time rather than firms advertising. Labour demand indicators also remain robust. These factors point to ongoing tightness in the labour market as does SEEK job ads still being 38.8% above pre-pandemic levels.
  • Declines in job ads were broad based across states and sectors.
  • Applications per ad declined 1.1% m/m in October after rising for four consecutive months but its 3-month momentum is still increasing.
SEEK new job ads index 2013=100

Keep reading...Show less
192 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

SEEK job ads fell for their sixth consecutive month in November by 4.9% m/m after -4.1% last month. This data is unlikely to ring alarm bells at the RBA yet, as there are a number of reasons for the recent weakness, they remain elevated and other labour market data remains strong.

  • NAB/SEEK note that a number of sectors, especially hospitality and tourism, had extremely high labour demand levels earlier in the year as they opened up again post Covid. The recent fall in job ads reflects normalisation in these areas. The supply of labour from overseas is also normalising.
  • We have also noticed in the ABS monthly labour market reports a switch towards full-time employment from part-time, suggesting part-timers are going full-time rather than firms advertising. Labour demand indicators also remain robust. These factors point to ongoing tightness in the labour market as does SEEK job ads still being 38.8% above pre-pandemic levels.
  • Declines in job ads were broad based across states and sectors.
  • Applications per ad declined 1.1% m/m in October after rising for four consecutive months but its 3-month momentum is still increasing.
SEEK new job ads index 2013=100

Keep reading...Show less