NZ: Job ads eased 0.6% in May - ANZ

Sharon Zollner, Senior Economist at ANZ, points out that New Zealand’s ANZ job ads eased 0.6% in May (seasonally adjusted) as the data is plateauing after a period of very strong growth, with the number of ads being posted up 15.6% versus a year ago (3-month average).

Key Quotes

“Auckland is the strongest of the main centres in annual growth terms (15.3%), despite flat ads in May (sa). Wellington job ads are up 10% y/y (-0.8% m/m), while Canterbury job ads rose another 1.1% m/m to their highest level since mid-2015 (sa) (+6.5% y/y).”

“The regions continue to forge ahead, with all experiencing stronger annual job ad growth than any of the three main centres.”

“As has been the case for some time, the construction, utilities, manufacturing and transport sector is the largest drivers of total job ads growth. The service sector is also contributing strongly, as is retail and tourism.”

“We’re expecting ongoing strong employment growth, with the unemployment rate remaining under 5% this year. Stronger wage growth is set to emerge.”