Seek job ads fell by 10.7% in October 2024, when compared to October 2023. On a monthly basis, job ads fell by 3.1% in October.

The 3.1% monthly fall came after three months of rises. Meanwhile, applications per job ad fell for the first time in over two years in September 2024, down 0.9% compared to August 2024.

Aside from South Australia (1.4%) and Western Australia (0.4%) job ads fell in all states and territories in October on a month-on-month basis.

ACT (Australian Capital Territory) was down 7.8%, the steepest monthly fall. This was predominantly due to a drop in government & defence (-11.0%) and information & communication technology (-9.2%) job ads. 

Meanwhile, on a year-on-year basis, Victoria saw the steepest fall at 18.0%, followed by New South Wales at 14.4%.

All the largest industries recorded monthly decline in ad volume, led by trades & services (-3.6%), manufacturing transport & logistics (-1.7%), and healthcare & medical (-1.2%). Among all industries, retail and consumer products saw the steepest fall at 8.8%.

Blair Chapman, SEEK Senior Economist, said in a press release, “The rate of decline in job ads has slowed over the past year, however October’s 3% drop indicates that uncertainty in the labour market remains.”

“Demand for Retail & Consumer Products workers led the overall fall in job ads in October. The decline in worker demand comes as household spending is growing slowly, indicating subdued consumer activity at this late stage of the year,” Chapman said.

“After 26 months of steady growth, applications per job ad declined in September, but remain extremely elevated,” Chapman continued. “So while the market remains relatively tight, competition among candidates is also very strong.”