NZ: Jobs everywhere - ANZ

ANZ job ads lifted 1.3% m/m in June (seasonally adjusted) to a new record high, notes Cameron Bagrie, Chief Economist at ANZ.

Key Quotes

“The number of ads being posted is up 14.1% versus a year ago (3-month average). That’s a step down from the close to 20% rates seen earlier in the year, but it’s a deceleration that’s akin to moving from warp speed to light speed.”

“Auckland remains the strongest of the main centres in annual growth terms (13.2%), despite dipping for a second month (-0.9% m/m) and now lagging annual growth in national ads (14.1% y/y). Wellington job ads are up 8.7% y/y (+2.8% m/m), while Canterbury job ads jumped 4% m/m to their highest level since early 2015 (+8.6% y/y).”

“The strong labour market remains a national phenomenon, with all the less-urbanised regions still 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 expect the unemployment rate to remain under 5% this year and wage growth to lift.”