Small up-tick in Job Ads in May

ANZ-Indeed Australian Job Ads lifted 1.8 per cent month on month in May, following a 3.7 per cent fall over the prior two months. In trend terms, the series lifted 0.7 per cent month on month and is up 0.7 per cent in annual terms.

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"ANZ-Indeed Australian Job Ads picked up in May, but the series remains 2.0 per cent below the recent peak in February. We expect the economy to slow over the coming months as restrictive rates weigh on activity," ANZ Economist, Madeline Dunk said.

"This should see Job Ads trend lower from here, and for the unemployment rate to slowly drift higher. We think the recent April labour market data was soft. The unemployment rate picked up to 4.5 per cent, employment fell 18.6k and the participation rate declined to 66.7 per cent.

"While there was likely some volatility in the data due to the Easter holiday period in April, we think the downtrend in the labour market will become clearer over the coming months.

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