SEEK Job Ads Fall And Applicants Rise Sharply
SEEK job ads for August fell 1.8% m/m after rising 0.9% driven by trades, hospitality & tourism, and manufacturing & transport. They are now down 20.5% y/y and 24% from their May 2022 peak but still 26% above January 2020. The number of applicants per job increased 6.5% m/m in July to its highest since Covid-impacted October 2020. Lower vacancies and higher supply of labour have boosted this ratio across sectors. SEEK notes that both employers and applicants have “plenty of choice” at the moment signalling that the labour market remains tight but is easing, which should reassure the RBA.
Australia SEEK applicants per job ad index
Source: MNI - Market News/SEEK