The ANZ-Indeed Australian job ads rose 1.8% month on month in May to a seasonally adjusted 116, following a 3.7% decline over the prior two months, ANZ reported Monday.
ANZ economist Madeline Dunk noted that Australian job ads rose in May but remain 2% below their February peak, with tighter policy expected to weigh on activity, driving job ads lower and the unemployment rate gradually higher.
The April labor market data was soft, with unemployment rising to 4.5%, employment falling 18,600, and participation slipping to nearly 67%, although Easter-related volatility likely played a role, Dunk added.
Indeed senior economist Callam Pickering said that job ads rose in May across most states and territories, led by Victoria and New South Wales, while Queensland and Western Australia remained the strongest performers over the past year despite challenging economic conditions.
Job ads growth in May was led by food preparation, education and training, and nursing, with construction also performing strongly, while transport and driving vacancies fell sharply and information technology sector job ads eased slightly but remained above year-ago levels, Pickering added.
Compared with the year-earlier period, job ads rose 2% in May, per the report.