SEEK job ads fell 3.7% m/m in October, the fifth consecutive monthly fall but the index remains elevated standing 44.7% higher than October 2019. The annual decline of 0.9% is not a true picture of vacancy developments due to the 12.2% m/m increase in the index in October 2021. The data were impacted by some special factors but it appears that labour demand is slowing as the labour market is at capacity and the economic outlook darkens.
- Applicants per job ad in September rose by 7.3% m/m, the fourth consecutive monthly rise. It now stands 3% above the same time last year but is also impacted by base effects.
- The deterioration was driven by Australia’s two largest states and the widespread flooding in both impacted the number of advertised vacancies across sectors.
- There was a 12.5% m/m drop in the retail and tourism & hospitality sectors, which likely reflects the additional hiring done in the middle of the year as they recovered from pandemic-related lockdowns.
Source: MNI - Market News/SEEK