BNZ/SEEK note a "65.3% drop in job......>

NEW ZEALAND: BNZ/SEEK note a "65.3% drop in job advertising in April, followed a

27.0% fall in March, making for an annual rate of decline of 75.4%. There is

certainly the potential for recovery in May's job advertising, given the shift

down to level 3 that occurred on 28 April, and more so the government's

announcement on 11 May that the country will be transitioning down to level 2

starting 14 May. However, it might be June before businesses feel they are in a

position to start making important decisions around hiring. As we look for signs

of uplift in job advertising, from April's low base, variations by industry and

region will be worth noting. While the regional picture in April remained

uniformly weak, there remained some variation by way of industry. That

Hospitality & Tourism didn't experience the most negativity underscores that

many sectors are suffering significantly. Of the sectors, advertising in Real

Estate & Property held up best; it reduced 23.2% in April to be about half of

its level a year ago."