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The number of job listings in Australia has fallen, raising concerns the unemployment rate could be set to rise further than its current 4.1 per cent.
The ANZ-Indeed Job Ads report, which counts the average number of job ads carried by a range of websites, dropped 2.8 per cent from January to February.
The result means the index now sits 12.4 per cent lower than the same time last year in seasonally-adjusted terms, although it's still 37.8 per cent higher than pre-pandemic levels.
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The report comes weeks after unemployment passed 4 per cent for the first time in almost two years, and has raised concerns that figure could yet rise again, although the bank is expecting hours worked to drop more than the overall employment rate.
"The downward movement in job ads suggests there is scope for the unemployment rate to rise further, as do recent changes in labour market flows," ANZ economist Madeline Dunk said.
"That said, we think most of the near-term adjustment in the labour market will be via a fall in hours worked rather than employment."
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While the vast majority of industries have seen declines in job listings, the tech sector led the way for losses.
Healthcare and education providers, on the other hand, appear to be posting more and more ads, likely driven by shortages of essential workers such as nurses and teachers.
"In February, the decline in ANZ-Indeed Job Ads was concentrated in Victoria, South Australia and Western Australia, while New South Wales fell modestly," Indeed senior economist Callam Pickering said.
"That said, Victoria and New South Wales account for more than three-quarters of the overall decline in job ads over the past year.
"The tech sector remains the biggest source of job ad declines over the past year, along with food preparation and personal care.
"The best performers have been in education and healthcare, particularly for doctors and nurses. Overall, job ads in 92 per cent of occupational groups declined over the past year."
