SYDNEY (Reuters) – Australian job ads fell for a seventh straight month in August, information confirmed on Monday, as demand for labour continued to ease within the face of excessive rates of interest and a slowing economic system.
Information from Australia and New Zealand Banking Group and employment web site Certainly confirmed job advertisements fell 2.1% in August from July, after they dropped by 2.7%.
Job advertisements for August had been down 22.9% from a yr earlier. They’ve fallen 29.8% from their peak in November 2022 however stay 11.4% greater than pre-pandemic ranges.
ANZ economist Madeline Dunk mentioned a part of the decline within the sequence was possible as a result of staff discovering jobs.
“The downward trend in Job Ads and the move upward in the unemployment rate suggests that labour supply and demand are moving towards balance,” mentioned Dunk.
The Reserve Financial institution of Australia has left rates of interest unchanged at 4.35% since November, though policymakers have judged the labour market was nonetheless operating a bit scorching, a motive that they’ve dominated out a near-term price minimize.
