ANZ has released its job ads report for April, which posted a 4.7% month-on-month rise in April, suggesting the labour market is well placed to absorb the ending of the JobKeeper wage subsidy.
According to ANZ:
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It is not surprising that ANZ Job Ads has continued to rise post-JobKeeper. Businesses looking to hire new workers are, on the whole, unlikely to be those that were heavily dependent on JobKeeper.
There is some trend slowing in the rate of jobs ads growth, hinting at an easing of catch-up growth:
But the strong results accord with Indeed’s job postings data, released last week, which were up 43.1% on their pre-COVID level as at 23 April 2021:
There is also new JobSeeker data showing further falls for recipients even numbers of JobKeeper plummet:
This data may suggest that concerns of unemployment spiking following the end of JobKeeper at the end of March were unwarranted though there may be lags so we should treat it with some caution.
Either way, the economy’s momentum appears strong enough to absorb any workers discarded by their employers over time.
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