Sydney (Reuters) – Australia's job ads fell for the second straight month in May, suggesting that tight labour markets may relax slowly, although the number is much higher than pre-pandemic levels.
Data from Australia and New Zealand Banking Group and employment websites do show that their job ads have dropped by 1.2% since April, when they fell by 0.3%.
Job advertising in May fell 5.7% from the same period last year, although they were 13.6% higher than pre-pandemic levels.
ANZ economist Aaron Luk said: “While the ANZ-Indeed Australian job ad campaign has remained tight in the 114-117 range over the past year, the possible result is the lowest point in that range, marking the lowest level of job ads since March 2021.”
“The labor market remains tight and has strong employment growth and low unemployment.”
The Reserve Bank of Australia lowered interest rates by two-year lows last month as cooling inflation provides a range to cope with global trade risks and said it is willing to ease further in the coming months.
The Reserve Bank welcomes the strength of the labour market, with unemployment hovering at 4.1 per cent in more than a year. It expects unemployment to rise slightly by the end of the year and peak at 4.3%.
(Reported by Stella Qiu; Editor of Christopher Cushing)
