The rise in job ads speaks to increased strength in the labour market
According to data from ANZ Bank, job advertisements in Australia rose by 18.4% in June 2022 on a seasonally adjusted basis when compared to the same period in June 2021. This pattern of online job postings is being seen across the globe as skills shortages continue.
On a monthly basis, job ads increased 1.4% in June following a small upward revision of the May number. The total number of job ads in June exceeded the recent peak in March signalling continued strength in the labour market.
When compared to January 2020, job ads were up 58.9% while the number of job ads totalled 243,523 in June 2022.
Catherine Birch, ANZ Senior Economist commented: “Growth in demand for labour is still outpacing supply but the sheer volume of unmet labour demand suggests underutilisation will keep falling and stay low even as demand growth is curtailed by higher inflation and rising interest rates. The very tight labour market is a key reason why we expect the Australian economy will be resilient in the face of these.”
The Bank’s job ads data is based on information provided by the operators of Seek.com.au and the Department of Education, Skills and Employment’s Australian JobSearch site (Jobsearch.gov.au).