Recent data has revealed that job advertisements in Australia fell by 2.2% in June, for a fifth month in a row, indicating a slowdown in the demand for labor amid persistent economic difficulties.
According to the Australia and New Zealand Banking Group and the job website Indeed, the decline is a reflection of persistent difficulties in the labor market, made worse by rising interest rates and a slowing economy.
The first quarter of 2024 had seen a noticeable decline of 3.0% reduction in job ads, and the advertisements decreased by 7.1% in the second quarter of the year.
“The pace of declines in ANZ-Indeed Australian Job Ads has intensified. We’re seeing a similar story in other parts of the labor market, with indicators easing from strong starting positions,” said ANZ economist Madeline Dunk, Reuters reported.
The total fall in job postings was attributed to lower demand in industries including food service, trades, and cleaning services.
Job advertisements were 17.6% lower in June 2024, compared to June 2023. While, the ads have fallen 25.8% from their peak in June 2022, it is 17.8% higher than pre-pandemic levels.
This suggests that following the catastrophic circumstances brought on by the epidemic, things are progressively getting back to normal in the job market.
A significant portion of the yearly drop in job postings was attributed to New South Wales and Victoria, which was indicative of the more severe economic difficulties in these states.
On the other hand, other areas of Australia are exhibiting greater resilience in their labor market situations, reflecting differing levels of economic stability.
