Sharon Zollner, Senior Economist at ANZ, notes that the NZ jobs ads bounced back a little in February after a sharp January fall.
“The lift is welcome, but it’s demure considering last month’s fall.
Job ads lifted 0.9% in February (seasonally adjusted) after dropping 2.9% the previous month. Total job advertising is up just 0.4% versus a year ago (3-month average), with annual growth on the verge of going negative for the first time in six years.
Internet job advertising also lifted 0.9% (sa) in February, while newspaper job advertising lifted 1.0% m/m (sa), a poor showing after dropping almost 20% in January.
Of the regions, Hawke’s Bay remains out in front, with a 17.7% increase in job ads versus a year ago (3-month average). Auckland is again in second place at 7.0% but is coming off the boil. The Canterbury labour market continues to weaken with job ads down 16.5% y/y.
Although the labour market finished 2015 with a roar, job ads data for the first two months of 2016 suggests more caution on the part of employers.”
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