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Momentum in NZ job ads cooled in recent months - ANZ

FXStreet (Bali) - New Zealand'S ANZ job advertisements for July disappointed the market, coming at -2.7% MoM vs +3.3% last, revised from +5.7%, with the YoY at +8.1%.

Below is the summary by Sharon Zollner, Economist at ANZ

"Total job advertising fell 2.7% in July (seasonally adjusted), unwinding much of June’s lift. Momentum has cooled in recent months."

"Nationwide internet job advertising fell 1.9% in July (sa), continuing the recent pattern of oscillations around zero. This contrasts unfavourably with the four months of solid rises that kicked off 2014."

"Newspaper job advertising fell 8.0% in July, giving up most of its 8.8% June rise. Newspaper ads lifted in Otago and Wellington in July, but fell in all other regions. Newspapers continue to lose market share of job advertising, with ads down year on year in all regions except Otago."

"Total job advertising fell in all three main centres in July. Canterbury remains clearly the nation’s strongest labour market."

"The level of job advertising is consistent with continuing but more modest employment growth. We expect the unemployment rate to edge under 5½% by year’s end."

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