More bad omens for Australian unemployment and wages

On Monday, Seek released data showing that the number of applicants per job ad is running around 60% above pre-pandemic levels, pointing to much higher unemployment:

Justin Fabo from Antipodean Macro has created another version of the above chart, which plots Seek’s applicants per job ad data against the number of unemployed:

As you can see, it tells much the same story and points to significantly higher unemployment ahead.