Job advertisements in Australia decreased by 12.4% year-on-year in January 2024 on a seasonally adjusted basis, according to ANZ-Indeed job ads data published on ANZ Bank. 

ANZ-Indeed Australian job ads fell over the month by 2.8% in February, following a significant upward revision in January 2024 to 3.4% month-on-month from 1.7% month-on-month. In trend terms, the series fell by 0.2% on a monthly basis. 

The data also found that ANZ-Indeed Job Ads have dropped by 16.6% from the peak in November 2022 but is still 37.8% higher than pre-pandemic levels (February 2020). 

ANZ Economist, Madeline Dunk said, “ANZ-Indeed Job Ads resumed its downward trend in February, falling 2.8% month-to-month. This follows a softer-than-expected labor force survey in January, where hours worked fell 2.5% month-to-month, and employment grew by just 500, with the unemployment rate rising to 4.1%.” 

“The downward movement in job ads suggests there is scope for the unemployment rate to rise further, as do recent changes in labor market flows,” Dunk said. “We think most of the near-term adjustment in the labor market will be via a fall in hours worked rather than employment.” 

Indeed Senior Economist, Callam Pickering said, “In February, the decline in ANZ-Indeed Job Ads was concentrated in Victoria, South Australia, and Western Australia, while New South Wales fell modestly. That said, Victoria and New South Wales account for more than three-quarters of the overall decline in job ads over the past year.” 

“The tech sector remains the biggest source of job ads declines over the past year, along with food preparation and personal care. The best performers have been in education and healthcare, particularly for doctors and nurses. Overall, job ads in 92% of occupational groups declined over the past year,” Pickering added.