ANZ-Indeed Australian job ads slipped by 15.8% in October 2024 when compared to October 2023.

On a month-on-month basis, ANZ-Indeed Australian job ads rose 0.3% in October, following an upwardly revised 2.3% monthly rise in September. In trend terms, the series was up 0.5%. ANZ-Indeed Australian job ads have fallen 27.0% from their peak in June 2022 but are still 16.1% above pre-pandemic levels.

ANZ Economist, Madeline Dunk said in a press release, “ANZ-Indeed Australian job ads recorded its second consecutive rise, with the series up 2.6% over the last two months. This suggests the downward trend in job ads may be stabilising.”

The lift follows a string of stronger than expected Labour Force Survey results. Employment growth has averaged 45k over the past six months, the participation rate is at a record high, and the unemployment rate remains relatively low at 4.1%.

Indeed Senior Economist, Callam Pickering said, “In October, growth in job ads was concentrated in South Australia and New South Wales, which more than offset a drop in Victoria and Tasmania. The 15.8% annual decline in job ads has mainly been driven by New South Wales and Victoria, with more modest declines observed elsewhere.”

“Growth in job ads in October were Christmas-themed, with both retail and food service opportunities rising considerably,” Pickering said. “Customer service job ads also rose. Over the past three months, job ads have increased in half of all sectors, a notable improvement on the widespread declines from earlier this year. This is another sign that job ads may be stabilising.”