BNZ/SEEK note that "New Zealand moved...>

NEW ZEALAND: BNZ/SEEK note that "New Zealand moved to COVID-19 alert level 1 on

8 June, and this has seen a continuation of a strong bounce in many economic

indicators from the extreme lows set during April's lockdown. Job ads on

SEEK.co.nz has very much followed this pattern. +46.9% in June following +71.7%

in May...the level of job advertising remains 38.9% below year earlier levels.

Job ads across all regions can be described as weak but recovering. In June, the

top seven increases in job advertising across regions were in areas with strong

rural influences. Looking across industries, all saw a lift in job advertising

in June, albeit with the extent of increases showing large variation. While

June's job ad gain in Farming, Animals & Conservation was near the middle of the

pack across industries, it stands out as being the one industry where job

advertising is in touch with pre-lockdown levels. The labour market has been

strongly supported by the government's massive wage subsidy scheme, including

the 8-week extension from 10 June. The government has announced that the scheme

is set to end on 1 September. It will be interesting to see if the recent

positive momentum in job ads can be sustained moving ahead."