NZ: Job Ads fell 0.3% m/m in the month of September - ANZ

ANZ Job Ads fell 0.3% m/m in the month of September (seasonally adjusted) for New Zealand economy, but were up 3.4% over the quarter, notes Liz Kendall Senior Economist at ANZ.

Key Quotes

“In annual terms, job ads were up 6% y/y in September (on a 3-month moving average basis), compared with 3% y/y in June. While job ads growth has lifted off its mid-year lows, it still points to softer employment growth than has recently been experienced.”

“The current rate of growth in job ads is consistent with stability in the labour market, in line with our expectations. The labour market is currently “tight” and we expect that the unemployment rate will decline only modestly from its current rate of 4.5%. Weakness in surveyed hiring intentions is casting a shadow over the outlook, but in recent months, job ads have gone broadly in the right direction, albeit at a fairly subdued rate of growth.”