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