Australian Job Ads Down Sequentially in June

The number of Australian job ads in seasonally adjusted terms fell 0.2% month on month in June to 115.8, following an upwardly revised 2% month-on-month increase in May, ANZ reported Monday. Australian job ads was largely steady in June and is 0.5% higher year on year, according to ANZ economist Aaron Luk. The labor market showed improvement in May, with the unemployment rate easing to 4.4%, and an increase in employment by 40,300. However, April's employment figures were revised to a decline of 40,700, indicating little change over two months. An economic slowdown is expected due to higher interest rates, a slow housing market, and uncertainty from the Middle East conflict, likely resulting in lower labor demand, job ads, and a slight rise in the unemployment rate, Luk said. Growth in job ads was mixed in June, with Tasmania seeing the most significant increase, along with solid gains in South Australia, Queensland, and Victoria, according to Indeed senior economist Callam Pickering. New South Wales showed a decline following a strong May, and Western Australia experienced a considerable drop, although it remains the strongest market year-on-year, Pickering added..