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Job advertisements: Keeping up the good work

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Fuseworks Media
Fuseworks Media

ANZ job ads data continues to point to robust demand for labour in the New Zealand economy.

Jobs ads lifted 0.2% in May (seasonally adjusted), and are on an upward trend, running 7.2% higher than a year ago (3-month average).

"Job ads data suggests that employment demand remains fairly strong as the New Zealand economy keeps up the good work," said ANZ Senior Economist Sharon Zollner.

"It remains a case of 'up north, down south' in the main centre regions. Auckland job ads are nearly 12% higher than a year ago, and Wellington job ads are up around 4%, but Canterbury job ads are about 11% lower than a year ago (all 3-month average)."

"In the smaller regions, Otago has seized pole position with a surge to annual growth of 15.7%, which we suspect is Queenstown-based. But all regions except Manawatu saw a monthly increase in job ads in May - and that region has earned a breather after topping the monthly growth stakes the previous month.

"The construction and tourism sectors are booming. ANZ job ads data suggest that this strength is managing to offset the weakness in the dairy sector in terms of the aggregate labour market.

"We concur with Reserve Bank Governor Graeme Wheeler that this economy is not in need of further interest rate stimulus at present."

ANZ job advertising data highlights:

- Total job advertising lifted 0.2% in May, its fourth consecutive rise. Annual growth is 7.2%, on a three-month average, and is rising.

- Internet job advertising fell 0.3% in May (sa), while newspaper job advertising, which is much more volatile, lifted 7.9% m/m (sa) after a fall in April. It remains on a downward trend.

- Job ads rose in every region across the country except Manawatu in May (seasonally adjusted). That region had the largest monthly increase in April.

- On a three-month average, Canterbury job ads are down 11.3% on a year ago; Auckland job ads up 11.8%; and Wellington up 4.2%.

- Job ads in the smaller centres are growing at solid rates year-on-year: Otago 15.7%, Waikato +8.8%, Manawatu +6.9%, and Hawke's Bay +6.7% (all three-month average).

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