Job Market Takes a Dive: ANZ-Indeed Job Ads Plummet
286% Decline from November 2022 Peak
According to data from ANZ and Indeed, job advertisements in Australia have witnessed a substantial drop. The ANZ-Indeed Job Ads has experienced a staggering 286% fall from its peak in November 2022. Despite this decline, the series remains 133% above pre-pandemic levels.
Consecutive Monthly Declines
The latest figures show that ANZ-Indeed Australian Job Ads fell by 28 million in February and 22 million in June. The trend continued in July, with a decline of 20 million. This marks six consecutive months of decline in Australian job advertisements.
Industry-Specific Impacts
The decline in job advertisements is evident across various industries. In June, the largest monthly fall was observed in the Education & Training sector, followed by Healthcare & Nursing and Consulting & Strategy.
Economic Outlook
The decline in job advertisements raises concerns about the economic outlook. Experts suggest that it could indicate a slowdown in hiring activity as businesses become more cautious amid rising interest rates and inflation.
Implications for Job Seekers
This sharp drop in job advertisements poses challenges for job seekers. Increased competition for available positions may require candidates to enhance their skills and explore alternative job boards to expand their search.
Conclusion
The decline in ANZ-Indeed Job Ads signals a significant shift in the Australian labor market. While the series remains above pre-pandemic levels, the consecutive monthly declines and industry-specific impacts suggest caution for both employers and job seekers.
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