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
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