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ANZ Job Ads - July 2000

Data Flash (New Zealand)

ANZ Job Ads - July 2000

Key Points
The number of job ads rose by a seasonally adjusted 3.3% mom in July. Total job ads were 8.1% higher than in July 1999.

The less volatile trend series rose by 0.3% mom, which continues the gradual acceleration in trend growth that has occurred since April.

The number of job ads continued to fall in Auckland, although the rate of decline is slowing. Strong growth was recorded in Wellington and the South Island.

Commentary
These data, which follow the encouraging Q2 retail trade figures, confirm our view that the economy is not as weak as recent confidence surveys may have suggested. However, similar to the retail trade data, significant regional disparities are apparent in the job ad figures. Job ads, together with a firm trend in tax revenues on labour income, also point to a consolidation in the labour market - contrary to survey information that suggests a continued decline in employment in response to changes to the industrial relations framework.

ANZ Job Ads (All NZ)Trend

Month of:::::::::::::S.A.:::: Actual
:::::::::::: mom% mom%:::: yoy%
Feb-00::::::::-0.2::::5.0:::: +18.3
Mar-00::::::::0.0:::: 0.3:::: +17.1
Apr-00::::::::0.1::::-6.8:::: +7.0
May-00::::::::0.2:::: 6.5:::: +9.9
June-00:::: 0.2::::-1.9:::: +6.7
July-00:::: 0.3:::: 3.3:::: +8.1

Source: DB Global Market,s Research, ANZ Bank
Ulf Schoefisch, Chief Economist, New Zealand,


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