Australian job openings fell for the fourth consecutive month in May, data showed Monday, indicating continued moderation in the jobs market as interest rates remain high and the economy slows.
Data from Australia and New Zealand Banking Group and job site Indeed shows job postings fell 2.1 per cent in May compared to April, when they were down 2.3 per cent. For this year, they fell by 8.2%, according to the revised data.
The report contains revisions to February 2024 data that, overall, suggest that demand in the labor market is weaker than previously thought.
Announcements were down 18.1% from the same month a year earlier, but remained 20% higher than pre-pandemic levels.
“The developments in job vacancies point to continued moderation in the labor market over the coming year,” said Madeline Dunk, an economist at ANZ.
Other employment indicators show that the labor market is easing, but only at a gradual pace. Official data showed that employment gains exceeded forecasts in May, and the unemployment rate fell to 4.0%.
That’s one reason the Reserve Bank of Australia (RBA) is almost certain to hold interest rates at 4.35% on Tuesday and reaffirm that it is wary of inflation risks. The swaps imply that rate cuts are unlikely before December, with a probability of 72%.
Data showed the drop in job postings was widespread in May, with the accounting and construction sectors worst affected. (Reporting by Stella Qiu; editing by Kim Coghill)
