Job ads show first fall in five months

Paul Osborne | July 7, 2022

New job advertisements have declined for the first time since December, but remain well above pre-pandemic levels.

The monthly SEEK new job ads indicator fell 2.1 per cent in June following five consecutive monthly gains.

NAB economist Tapas Strickland said it was too early to conclude if this was the start of a turning point against the backdrop of strong demand for workers.

Overall, job ads are 71.9 per cent above pre-pandemic levels and have stabilised in the hospitality and tourism sector.

The largest decline was in the NT (down five per cent), followed by South Australia, WA and Tasmania (down four per cent).

The largest falls outside of the self-employed category were in science and technology (down 11 per cent and advertising and media (down 10 per cent).

“The reopened international border may be starting to see more acute pressures ease in industries including agriculture and hospitality and tourism, where a large share of the workforce was drawn from temporary visa holders prior to the pandemic,” Mr Strickland said.

“Despite the monthly fall, job ads remain well above pre-pandemic levels and continue to indicate strong labour demand and a tight labour market.”

It is still likely there will be a further fall in the unemployment rate when new labour force data are released next week.

The Australian Bureau of Statistics is due to release its latest weekly payroll jobs and wages figures on Thursday.

And international trade figures are expected to show another strong surplus following the $10.5 billion reported in April, on the back of higher coal and LNG export values and stronger tourist numbers.