Australian job advertisements experienced a robust increase in January, marking the strongest monthly gain in almost three years. The ANZ-Indeed Job Ads series revealed a 4.4 per cent month-on-month rise, effectively reversing a revised 0.8 per cent fall observed in December. According to the data, this rebound suggests a potential short-term boost in labour demand at the beginning of the year. The trend series also showed positive movement, increasing by 1.3 per cent following a 0.7 per cent rise the previous month.
Despite the encouraging upturn in January, overall job advertisement levels remain 3.2 per cent lower compared to the same period last year. However, when viewed in a broader context, current job ad numbers are still elevated, sitting 11.8 per cent above the average recorded between 2010 and 2019. This indicates that while there has been some softening year-on-year, demand for labour is still relatively strong compared to pre-pandemic levels.
ANZ economist Aaron Luk commented on the recent figures, noting that the January surge represents the largest monthly increase since February 2022. Luk explained that the rise partially offset the easing trend observed throughout the latter half of 2023, effectively bringing the series back to levels seen around August 2023. While acknowledging that seasonal factors may have played a role in the data, Luk stated that it is not uncommon to see an increase in labour demand during the early months of the year.
