Job ads rebounded in May: ANZ-Indeed
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The news: Job ads rose 1.8% month-on-month in May, according to ANZ-Indeed, and saw a 2% increase year-on-year, following a 3.7% decline over the prior two months.
The context: Despite the uptick in May, the figures remained 2% below the recent peak in February.
ANZ economist Madeline Dunk expects the economy to slow over the coming months and the unemployment rate to gradually rise.
Indeed senior economist Callam Pickering noted that Victoria and New South West recorded the strongest growth for the month, however Queensland and Western Australian have been the two best performers over the past year.
While hospitality, education and training, and nursing contributed to the most job advertisement growth for the period, transport and driving related occupations have fallen rapidly over the past two months, reflecting Middle East trade disruptions and rising fuel costs.
What they said: “The unemployment rate picked up to 4.5%, employment fell 18,600 and the participation rate declined 66.7%,” Madeline Dunk said.
“While there was likely some volatility in the data due to the Easter holiday period in April, we think the downtrend in the labour market will become clearer over the coming months,” she added.
The source: ANZ Research
