Total job advertising trending down from highs, Auckland still rising steadily
Total job advertising has taken an end-of-year dip, falling 0.1 per cent in November after seasonal adjustments, following a 0.3 percent drop the previous month, according to the ANZ Job Ads index.
However, owing to the vagaries of seasonal adjustment, total job ads nonetheless rose in all three main centres, though mostly it's a tale of one city - a steady rise in job ads in Auckland while the trend is relatively flat in Canterbury and Wellington.
ANZ said overall national job advertising suggests the strongest employment growth is now behind us, following a surge earlier in the year. Annual job growth in the rolling 3-month average of total job ads is 9.7 percent, and while still respectable, it is well off the 14 percent peak in June.
Labour supply has also been growing strongly because of strong inward migration and ANZ expects the unemployment rate to ease only modestly from the current 5.4 percent over the coming year. Statistics New Zealand figures published this morning show a record 49,800 net inward migration in the year to Nov. 30.
Nationwide internet job advertising fell 0.2 percent in November on top of a 0.1 percent drop in October, ANZ said. The annual growth in the 3-month average is running at 12.5 percent, easing back from its April peak of 18 percent.
Newspaper job advertising has been in a long-term decline as it continues to lose market share to internet advertising but that fall has been slower this year, owing to the labour market strengthening. In November, newspaper advertising lifted 0.2 percent after falling 2.8 percent and 1.4 percent the previous two months.