By James Glynn


SYDNEY -- Hiring demand in Australia continued to cool in October with job ads posting a fifth consecutive drop.

Job ads fell 3.7% in October from September, according to employment website SEEK.

The decline is likely a combination of excess labor demand easing and some recovery in labor supply, said Taylor Nugent, economist at National Australia Bank.

SEEK job ads are now 13.5% below their May peak, but remain 47.9% above pre-pandemic levels.

Official employment data has shown a trend slowing in employment over the past few months as the post-pandemic employment expansion matures. But other forward looking labor demand indicators remain at very elevated levels, Mr. Nugent said.

At the same time, inward migration has returned. Net permanent and long-term arrivals have largely recovered their pre-pandemic monthly levels, though international student inflows have so far lagged the broader recovery, he adds.

The largest declines in the month were seen in hospitality and tourism and retail, two industries that had experienced some of the most acute labor shortages and biggest increases in advertising over the pandemic.

"The ongoing pullback suggests that the exceptional labor market tightness and difficulty finding staff that has characterized the post-pandemic expansion is waning, but the level of advertising is consistent with a still strong labor demand backdrop," Mr. Nugent said.


Write to James Glynn at James.Glynn@WSJ.com


(END) Dow Jones Newswires

11-07-22 1858ET