January 21, 2025 05:25 GMT
NEW ZEALAND: Declining Q4 Job Ads Point To Continued Weak Labour Market
NEW ZEALAND
December SEEK job ads fell 2.1% m/m to be down 21.9% y/y after rising 1.0% m/m but down 21.4% y/y. Q4 ads were 2.7% q/q lower than Q3 suggesting that Q4 employment data released on February 5 are likely to be weak again. While there are tentative signs that the NZ economy is turning, it remains very weak and another 50bp of easing on February 19 appears likely.
NZ SEEK new job ads 2013=100
Source: MNI - Market News/SEEK
- Applicants-per-job fell for only the second time in 2024. The ratio was down 1.8% m/m in November but still up 31.9% y/y after rising 2.6% m/m and 48.2% y/y in November.
NZ applicants per ad 2013=100
Source: MNI - Market News/SEEK
- The drop in vacancies was broad-based across regions with only one recording a rise.
- Bucking the overall trend, the three largest sectors by hiring volume posted increases in job ads in December with trades & services up 3%, manufacturing & transport +5% and ICT +6%. Healthcare and consumer products drop the decline in the total.
- SEEK notes that “hiring and applications do tend to pick up in the early months of a new year, as hirers and candidates start thinking about the future – so, January and February will be ones to watch”.
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