Australian Job Ads Rise in July, Signaling Resilient Labor Market Despite Rate Hikes

Australian Job Ads Rise in July, Signaling Resilient Labor Market Despite Rate Hikes

SYDNEY, Aug 4 (Reuters) - The number of Australian job advertisements gained in July, offsetting a small fall the month earlier, private-sector data showed on Tuesday, suggesting labour demand remained healthy despite higher borrowing costs.

Key Details:

• The number of job advertisements rose 0.8% in July from June, when they slipped 0.1%, according to data from Australia and New Zealand Banking Group and employment website Indeed. Ads were up 2.1% from July last year, and remained 16.2% above their decade-long averages.

• The gain was broad-based, led by management and physician & surgeon opportunities. Those two occupations, along with nursing, have been the fastest-growing roles over the past year.

• Jobs data released last month showed the economy created 76,300 net jobs in June, while the unemployment rate held steady at 4.4%. The RBA has raised interest rates three times this year to 4.35% to fight inflation, though the labour market has stayed resilient so far.

(Reporting by Stella Qiu; Editing by Muralikumar Anantharaman)