NZ: Job Ads increased 0.5% in November - ANZ

New Zealand economy’s ANZ Job Ads increased 0.5% m/m in the month of November (seasonally adjusted), which equates to the annual growth running at 6.4% y/y (on a 3-month moving average basis), points out Sharon Zollner, Chief Economist at ANZ.

Key Quotes

“This rate is well above its June low of around 3%, but can’t compete with the near 20% rates of growth seen over 2017. With the unemployment rate under 4%, some firms may be giving up on advertising positions.”

“Recent modest growth in job ads is consistent with the unemployment rate remaining low. While modest, job ads are suggesting employment intentions out of the ANZ Business Outlook survey may be overstating the hit to employment from increasing wariness.”