Australian job advertisements experienced a modest decline in July, according to the latest ANZ-Indeed Australian Job Ads data. The index fell by 1 per cent month-on-month, reversing part of the 1.6 per cent increase seen in June. These figures suggest the Australian labour market is continuing to show signs of easing after a period of strong growth. Prior to the June increase, job ads had also eased slightly in both April and May.
ANZ economist Aaron Luk noted that the ANZ-Indeed Job Ads Index currently sits at 116.3. The index has largely tracked sideways in a tight range between 114 and 117 since mid-2024, indicating a period of relative stability after previous fluctuations.
Luk also pointed to the June labour force survey, which revealed some signs of easing, including an unexpected rise in the unemployment rate to 4.3 per cent, coupled with a subdued increase of 2,000 in employment numbers. However, Luk suggests that the current elevated levels in job ads indicate a substantial loosening of the labour market is unlikely.
Luk’s assessment aligns with recent comments from Reserve Bank of Australia (RBA) Governor Michele Bullock. Bullock recently noted that leading indicators do not suggest significant further increases in the unemployment rate in the near term.
