NZ: Job ads lifted 0.9% m/m in October - ANZ

Analysts at ANZ point out that New Zealand’s ANZ job ads lifted 0.9% m/m in October (seasonally adjusted) while he quarterly growth in job ads ticked up to 1.5% q/q, having previously slowed to just 0.7% q/q.

Key Quotes

“Annual job ads growth eased for the ninth consecutive month to 9% in October (3-month average).”

“Job ads in the regions are levelling off. All but four regions slowed in annual growth terms (3-month average); Wellington was the only main centre to show a lift, with job ads up 11% y/y. Auckland and Canterbury job ads growth continued to ease.”

“Labour demand indicators have become more mixed of late. That is not overly surprising at a time when the economy is grappling with a few more headwinds (housing and political uncertainty) and as it transitions to new growth drivers (construction, housing and migration have peaked, but fiscal policy and commodity prices should help fill the void).”

“We continue to expect a modest pick-up in wage growth.”