Seek: Soft Job Ads Update Suggests Activity Is Normalizing

We think narrow-moat Seek has been overearning since the pandemic. The "great resignation," fueled by supportive fiscal and monetary policies and changing societal attitudes toward work, led to abnormal labor market churn. Employers, needing to backfill vacant rolls, pushed job listing volumes to levels significantly above trend; and with the unemployment rate near a 50-year low, hiring managers were willing to pay up for more expensive ad tiers to attract candidates, improving Seek’s yield per ad.