New Zealand — ANZ Job Ads for February: -1.2% m/m (prior was +3.1%)

Not usually a huge immediate impact on the NZD, which in thrall to the USD it seems (as are so many others) … but the NZD has been softANZ Job Ads for February: -1.2% m/m

  • prior +2.9%, revised from +3.1%

Up 5.8% y/y (3 mth MA)

  • prior +5.9%


  • As the economic cycle has matured, growth in job ads has eased to a more gradual pace, in contrast to the breakneck pace set over 2016.
  • There was a marked drop in job ads in the construction, utilities, manufacturing and transport sector, which comprises about a third of job ads.

Further remarks from ANZ highlight:

  • more modest growth trend in job ads
  • Labour market is tight, skilled labour in particular
  • Employment growth is moderating

ANZ say wage growth is coming, citing:

  • business confidence improvement
  • business profitability
  • workplace relations reform
  • rises to the minimum wage

NZD doing very little on the release

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