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Filled Job Growth Lagging Population Increase

NEW ZEALAND
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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.


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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.


Keep reading...Show less