ANZ-Indeed Australian Job Ads experienced a 1.3% decrease in November, following a revised 0.7% increase in October. In trend terms, the series showed a modest rise of 0.4% month on month.
The job ads have decreased by 27.6% from their peak in June 2022 but remain 15.1% above pre-pandemic levels.
"ANZ-Indeed Australian Job Ads fell 1.3 per cent month on month in November, although the series is still up 1.7 per cent since its August low," stated ANZ Economist Madeline Dunk. "It is possible some of the lift in September and October Job Ads reflected a pull-forward in end-of-year-related hiring."
Dunk also commented on the unemployment rate: "The unemployment rate remains historically low at 4.1 percent and has averaged 4.0 per cent over the past year." She suggested that this indicates full employment might be consistent with an unemployment rate at or below 4%, implying that the labor market could currently be looser than full employment.
At the state level, Queensland was an exception to broad-based declines, with job ads rising for three consecutive months to reach their highest level since February 2023, according to Indeed Senior Economist Callam Pickering.
Pickering noted seasonal trends: "Christmas-related hiring continues to influence national trends, with a sharp fall in retail opportunities in November only partially offset by growing opportunities in food services ahead of the holidays." He added that education and personal care sectors saw significant increases in job ads during November.
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