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Job Ads Signalling Labour Market May Be Easing

NEW ZEALAND

BNZ/SEEK job ads fell a significant 8.1% m/m in November after down 1.5% the previous month but remain elevated at around the same level as a year ago. There is now a clear downtrend off of the peak. The weakness was widespread across regions with Auckland down 10.3%. Property-related job ads were lower while government-related ones held up. The increase in the October applications-per-ad series is now pointing to a pickup in the unemployment rate, which has remained stable.

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