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Australia job ads fall 2.2% in June, ANZ-Indeed data shows

July 1, 2024
in Business
Australia job ads fall 2.2% in June, ANZ-Indeed data shows
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SYDNEY (Reuters) – Australian job advertisements fell for a fifth straight month in June, data showed on Monday, as labour demand continued to ease in the face of high interest rates and a slowing economy.

Data from Australia and New Zealand Banking Group and employment website Indeed showed job ads fell 2.2% in June from May, when they dropped by a revised 1.9%. For the second quarter, they fell 7.1% from the quarter before, compared with the first-quarter’s decline of 3.0%.

Ads were down 17.6% from the same month a year earlier, but remained 17.8% higher than pre-pandemic levels.

“The pace of declines in ANZ-Indeed Australian Job Ads has intensified,” said ANZ economist Madeline Dunk. “We’re seeing a similar story in other parts of the labour market, with indicators easing from strong starting positions.”

“That said, we only expect a modest lift in the unemployment rate to 4.3%.”

The data showed job ads fell in June on lower demand for cleaners, tradespeople and food service workers.

© Reuters. Workers cast shadows as they stroll among the office towers Sydney's Barangaroo business district in Australia's largest city, May 8, 2017.  REUTERS/Jason Reed/ File Photo

The easing in the labour market is one reason that the Reserve Bank of Australia (RBA) has held interest rates steady at 4.35% for five straight meetings now, but as inflation keeps surprising on the upside, markets are betting there is a 65% chance that the RBA could hike again in August.

The jobs report due on July 18 will be closely watched for the strength of the labour market.

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Copyright for syndicated content belongs to the linked Source : Investing.com – https://www.investing.com/news/economy-news/australia-job-ads-fall-22-in-june-anzindeed-data-shows-3502835

Tags: ANZ-IndeedAustraliabusiness
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