BNZ/SEEK note that "in light of the.....>

NEW ZEALAND: BNZ/SEEK note that "in light of the major disruption being caused

by COVID-19, it wasn't surprising to see March job advertising fall as much as

it did - 29.4% to be precise. This dwarfed February's slippage of 7.7%, and

reflected in an annual fall also in the region of 30%. Tourism & Hospitality

recorded one of the very biggest 12-month drops, -45.5% y/y - albeit eclipsed by

a 50.6% fall in Sport & Recreation. At the other end of the spectrum,

advertising for positions in Farming, Animals & Conservation was just -1.9% Y/Y,

while for Community Services & Development was comparatively steady. As big as

March's drop was, greater weakness looks set to show in April's job advertising.

We are unable, at this point, to present the week to week patterns for New

Zealand. However, we note that, as a potential guide, SEEK Australia logged a

65% fall in its job advertising in the first week of April, compared to the

corresponding week last year. A major positive for the NZ labour market has been

the government's various support packages aimed at keeping as many people in

jobs as possible, through the COVID-19 dislocation."