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New Zealand economy’s ANZ Job Ads increased 1.4% m/m in the month of October (seasonally adjusted), points out Liz Kendall Senior Economist at ANZ.

Key Quotes

“Annual growth is running at 5.8% y/y (on a 3-month moving average basis), up from 3% y/y in June. But this is well below the solid rates of growth seen over 2017, consistent with the economy having lost some momentum.”

“Recent growth in job ads is consistent with the unemployment rate remaining near its current low level of 4.5%. But in trend terms, monthly job ads growth has softened, dipping to 0.4% m/m in October from 0.8% m/m in June.”

“This may signal waning momentum in labour demand, consistent with languishing hiring intentions. A more meaningful improvement in business confidence would be helpful to shore up labour demand.”