Job ads hit highest level in 12 months
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The new: Job advertisements hit a 12-month high in June, according to the ANZ-Indeed Australian Job Ads index. The index ticked up after two consecutive months of decline.
The numbers: The index increased by 1.8% in June, on a month-to-month basis, from 114.8 in May to 116.9.
It is still down 0.4% compared to June 2024 and is 35.9% lower than the index peak in June 2022, as the labour market remains tight.
The series has remained within the 114-117 range since mid-2024.
The context: Job ad growth in June was driven by Queensland and New South Wales, offsetting declining ads in Victoria and South Australia according to Indeed senior economist Callam Pickering.
Queensland job ads are at their highest level since February following a decline over the first half of the year.
Management and sales jobs improved in June and software development opportunities hit the highest level since October 2023. Education and nursing jobs ads fell.
What they said: ANZ economist Aaron Luk flagged that job vacancy data issued by the Australian Bureau of Statistics “shows that labour demand remained elevated, rising 2.9% to 339,400 in the three months to May”.
However, Luk noted that “the unemployment rate and the hours-based underutilisation rate (a broader measure of spare capacity) have been broadly moving sideways since mid-2024”.
The sources: ANZ media release, ANZ research
