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ANZ Job Ads fell 0.3% m/m in the month of September (seasonally adjusted) for New Zealand economy, but were up 3.4% over the quarter, notes Liz Kendall Senior Economist at ANZ.

Key Quotes

“In annual terms, job ads were up 6% y/y in September (on a 3-month moving average basis), compared with 3% y/y in June. While job ads growth has lifted off its mid-year lows, it still points to softer employment growth than has recently been experienced.”

“The current rate of growth in job ads is consistent with stability in the labour market, in line with our expectations. The labour market is currently “tight” and we expect that the unemployment rate will decline only modestly from its current rate of 4.5%. Weakness in surveyed hiring intentions is casting a shadow over the outlook, but in recent months, job ads have gone broadly in the right direction, albeit at a fairly subdued rate of growth.”