NZ Labour Market Eases As Financial Crisis Deepens

Media Release

13 October 2008

NZ Labour Market Eases As Financial Crisis Deepens

The New Zealand labour market is definitely easing according to the latest figures from Trade Me Jobs.

``We’re seeing the highest number of applications per job that we’ve ever experienced, with current applications rates 80% up on what they were 12 months ago,’’ said Trade Me Jobs head, Jimmy McGee.

``This is great news for employers, but it means it’s getting tougher for job seekers.’’

However it’s a tale of two collars, with premium white collar demand still strong despite the cooling of blue collar.

``The top end of the market is still tight with $100,000+ roles having grown 20% over the last month.’’

``Four weeks ago our six-figure jobs site had 1,000 listings. Today we’ve got 1300 and it’s still going north, showing an active war for the top talent.’’

While blue collar has cooled considerably, some segments are proving resilient, especially those involved in dairy and energy. Advertised vacancies in Southland and Taranaki have doubled over the past 12 months.

``Unemployment is currently 3.9% and is forecast to hit 5% by the end of next year; that’s still well below the 20 year average of 6.2%. The market has worsened over recent times but from a historical perspective, it’s not that bad.’’

ENDS

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