Job ads consistent with slower jobs growth

Job growth in Australia slowed in May, consistent with other domestic indicators in the second quarter.

Importantly, the unemployment rate remained steady at 5.8 per cent for the third consecutive month and full-time employment rose again, to average +20K per month this year.

Overall, trend employment growth was +13.1K in May even though the seasonally adjusted total fell 4.8K.

Forward looking indicators of labour hiring intentions, including the ANZ job advertisements series, which fell 5.6 per cent in May, suggest there may be more softness to come.