May 28, 2024 01:48 GMT
Filled Job Growth Lagging Population Increase
NEW ZEALAND
NZ filled jobs rose 0.1% m/m in April to be up 1.4% y/y down from 0.3% m/m and 1.8% y/y in March. The pickup was driven by goods-producing industries with services flat and primary industries falling. Filled jobs have continued to rise even though total employment fell 0.2% q/q in Q1 but layoffs have been limited to date. With SEEK job ads down almost 30% y/y in April, labour demand is cooling sharply. Filled job growth is running well below working population at 3.1% y/y signalling that unemployment is likely to rise further thus continuing to ease capacity pressures. Q1 was the sixth consecutive quarterly rise and it is now up 30.1% y/y.
NZ labour market y/y%
Source: MNI - Market News/Stats NZ/Refinitiv
*Q2 filled jobs is the April outcome
Keep reading...Show less
127 words