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Job advertisements: Up north and down south

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Fuseworks Media
Job advertisements: Up north and down south

Labour demand strengthened again in October, building on gains in the previous month, according to the latest ANZ job advertising data.

Job advertising rose 1.2% in October (seasonally adjusted), building on a 2.3% lift the month before. On a rolling three-month average, job ads remain roughly flat versus a year ago.

ANZ Senior Economist Sharon Zollner said: "The bounce in job ads in the last two months is consistent with other data that suggests the New Zealand economy has stepped up a gear after a slowdown in the first half of the year, as easier monetary conditions work their magic.

"Nonetheless, with labour supply continuing to grow strongly courtesy of stratospheric net migration, it will be difficult to avoid an upward drift in the unemployment rate.

"Of the main centres, Auckland remains the strongest for job advertisements and the growth rate is still gathering strength. The fall in job advertising in Wellington and Canterbury is accelerating, though Canterbury has the lowest unemployment rate in the country - under 4%, but rising."

ANZ job advertising data highlights:

- Job ads lifted 1.2% in October (seasonally adjusted), building on September's 2.3% rise. Total job advertising is roughly flat versus a year ago on a three-month average.

- Seasonally adjusted, internet job advertising rose 2.3% in October, the same rise as in September; newspaper job adverts fell 10.1%, continuing their long-term decline and loss of market share.

- Auckland continues to show strong growth in job ads versus a year ago; Wellington and Canterbury are declining at double-digit rates.

- Of the smaller centres, Hawke's Bay continues to outperform, with job ads up 11.8% year-on-year; pipfruit and tourism have had a very good year. On the same basis, Waikato job ads are down 8.1%, Otago down 5.8%, and Manawatu down 1.3%.

- Very strong growth in the supply of labour, courtesy of record levels of net migration, will be challenging to absorb and an upward drift in the unemployment rate is likely.

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