ANZ-Indeed Australian Job Ads rise 2.2% m/m in September, up 12.9% y/y

• ANZ flagged a gradual cooling in Australian labor demand, despite September ANZ-Indeed Job Ads rising 2.2% m/m.
• Trend Job Ads increased 2.0% m/m, up 12.3% y/y; ANZ expects the series to drift lower in coming months.
• ANZ said higher interest rates should slow economic momentum over time, with labor market impacts typically lagging softer activity.
• August labor force data showed unemployment at 4.6% with employment up 39,500; hours worked rose 0.7% m/m.
• ANZ expects unemployment to edge higher, likely modestly, citing resilience in job ads despite mixed labor indicators.

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