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ANZ Australian Job Ads plummeted in May, but recovered strongly in the last week of the month.
We think this indicates much of the decline for the month as a whole was due to the April ‘holiday year effect’ and the timing of the election. In seasonally adjusted terms, job ads fell 8.4% m/m and 14.9% y/y. This is the weakest monthly result since Jan-2010 and the steepest annual fall since 2013. In trend terms, job ads fell 1.8% m/m and 10.1% y/y.
ANZ’s Head of Australian Economics, David Plank, commented:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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