Australian job postings fall 2.1% in August l/l, ANZ-Indeed By Reuters data shows

SYDNEY (Reuters) – Australian job postings fell for a seventh consecutive month in August, data showed on Monday, as demand for labor continued to fall in the face of high interest rates and a slowing economy. .

Data from Australia and New Zealand Banking Group and job site Indeed showed job postings fell 2.1 percent in August from July, when they fell 2.7 percent.

Job postings for August were down 22.9% from a year earlier. They are down 29.8% from their November 2022 peak, but remain 11.4% higher than pre-pandemic levels.

ANZ economist Madeline Dunk said part of the drop in the streak was likely due to workers finding jobs.

“The downward trend in job postings and the increase in the unemployment rate suggest that labor supply and demand are moving toward balance,” Dunk said.

The Reserve Bank of Australia left interest rates unchanged at 4.35% from November, although policymakers believed the labor market was still a bit hot, ruling out a near-term rate cut.