NZ: Job Ads fell 3.5% in December - ANZ

Liz Kendall, senior economist at ANZ, points out that New Zealand’s ANZ Job Ads fell 3.5% m/m in the month of December (seasonally adjusted), thereby ending the December quarter on a softer note, with job ads up only 0.2% over the past three months.

Key Quotes

“Annual growth in job ads picked up slightly to 6.7% y/y (on a 3-month moving average basis), consistent with pretty steady labour demand overall. But with employment already very elevated and economic momentum moderating, jobs ads growth is likely to remain well shy of the near 20% growth seen two years ago.”

“Job ads softness in the December quarter reflects moderation in job ads across a range of industries, with notable weakness in the construction, utilities, manufacturing and transport group (down 0.6%).”

“In annual terms, job ads in construction continue to fall – down 3.3% in the year to December – but annual growth, while still negative, has nonetheless improved from its trough of -7.6% y/y in September 2018.”