Job ads up slightly in July

The news: Job advertisements recovered slightly in July after a marked drop in June, according to data from ANZ and employment website Indeed.

The numbers: Australian job ads lifted by 0.4% for the month of July, after a revised 2.7% drop the month before. Job ads were down 8.9% year-on-year, but remained 49.8% above pre-pandemic levels. The series has fallen 2.1% in the last three months, suggesting July’s increase is likely to be a blip, ANZ economists said.

The context: Australia’s labour market has remained tight despite the Reserve Bank lifting interest rates by 400 basis points since May 2022 to tackle inflation. ANZ economists said recent jobs figures, along with falling forward orders and consumer employment expectations indicated labour market momentum was slowing as rate hikes made their way through the economy.