ANZ NZ job ads growth slightly eases sequentially in May, employment growth to remain strong

The ANZ job ads for New Zealand eased in May on a seasonally adjusted basis. The job ads dropped 0.6 percent in the month. The data is flattening following a period of very solid growth, with the number of ads being recorded up 15.6 percent on a year-on-year basis.

Amongst the main centres, Auckland is the strongest in annual growth terms recording a rise of 15.3 percent despite flat ads in May. Wellington job ads rose 10 percent year-on-year and dropped 0.8 percent sequentially, while Canterbury job ads were up 1.1 percent sequentially to their highest level since mid-2015.

These regions continue to record strong data, with all seen robust annual job ad growth as compared with any of the three main centres. The total job ads growth is mainly being driven by the construction, utilities, manufacturing and transport sector. Furthermore, solid contribution is also been given by the service sector, retail sector and tourism.

“We’re expecting ongoing strong employment growth, with the unemployment rate remaining under 5 percent this year. Stronger wage growth is set to emerge”, noted ANZ in a research report.