Number of online job posts drop by 10%
According to ANZ Bank’s ANZ-Indeed Job Ads data, job advertisements in Australia experienced a 10% year-on-year decline in June 2023, on a seasonally adjusted basis.
This marks a further decrease from the 6.1% annual decline observed in May 2023.
On a month-on-month basis, the number of job ads fell by 2.5% after making seasonal adjustments. In trend terms, the decline in job ads for the month of June was 1.1%. While ANZ-Indeed Australian Job Ads have fallen by 10.8% since the peak in September, they still remain relatively high compared to historical levels.
Madeline Dunk, an economist at ANZ, commented on the situation, stating, “ANZ-Indeed Australian Job Ads continued their downward trend, with a 2.5% month-on-month decline in June. Despite this dip, job ads are still 47.5% higher than pre-pandemic levels, indicating a tight labour market.”
Dunk further noted that employees are responding to the tight labour market conditions by taking on additional hours or even second jobs. She emphasized that it will take time for the labour market tightness to ease, but the overall trajectory suggests a continued and orderly moderation in job ads.
Callam Pickering, a senior economist at Indeed, added, “Recruitment as a whole remains challenging, with talent shortages widespread, even in sectors where job ads have significantly decreased. However, the high population growth combined with the ongoing decline in job ads is expected to alleviate these shortages throughout the remainder of the year.”
Pickering also highlighted that the decline in job ads this year has been particularly prominent in Victoria and New South Wales, with more modest decreases observed in other states and territories. Furthermore, job ads have fallen in three-quarters of the sectors analysed by Indeed, with food preparation, software development, and personal care experiencing the most significant declines.
ANZ Bank’s job ads data is based on information obtained from various sources, including Indeed (au.indeed.com), Workforce Australia, Department of Employment and Workplace Relations (workforceaustralia.gov.au), Seek (seek.com.au), and newspaper job ads.