NZ: Job Ads increased 1.4% m/m in October – ANZ

New Zealand economy’s ANZ Job Ads increased 1.4% m/m in the month of October (seasonally adjusted), points out Liz Kendall Senior Economist at ANZ.

Key Quotes

“Annual growth is running at 5.8% y/y (on a 3-month moving average basis), up from 3% y/y in June. But this is well below the solid rates of growth seen over 2017, consistent with the economy having lost some momentum.”

“Recent growth in job ads is consistent with the unemployment rate remaining near its current low level of 4.5%. But in trend terms, monthly job ads growth has softened, dipping to 0.4% m/m in October from 0.8% m/m in June.”

“This may signal waning momentum in labour demand, consistent with languishing hiring intentions. A more meaningful improvement in business confidence would be helpful to shore up labour demand.”