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Rise in job ads – a double-edged sword for NZ economy? – ANZ

FXStreet (Mumbai) - The research team at ANZ bank explains the rise in the NZ job ads and its implication on the overall NZ economic prospects.

Key Quotes:

‘Job ads lifted a further 1.2% in October (seasonally adjusted), building on a 2.3% rise in September.’
‘Total job advertising is roughly flat versus a year ago (3-month average).’

‘Internet job advertising rose 2.3% (sa) in October, the same rise as in September. Newspaper job advertising fell 10.1% m/m (sa) as it continues to lose market share.’

‘Hawke’s Bay and Auckland continue to show strong growth in job ads versus a year ago (3-month average), whereas Wellington and Canterbury are declining at double digit rates by the same measure.’

‘The improvement in job ads over the past two months is consistent with a broad-based improvement in timely economic indicators as the economy steps up a gear from slow growth in the first half of the year.’

‘That said, very strong labour supply growth courtesy of record net migration will be challenging to absorb, which means the unemployment rate may yet move higher.’

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