ANZ has predicted an unemployment rate of about 7 percent for the next six months as job advertisements rebound only slightly.
The total number of advertisements in newspapers and online rose 0.4 percent (seasonally adjusted) in December, according to ANZ's New Zealand Job Advertisement series.
Advertising for Wellington jobs hit a three-year low in December and adverts in Canterbury fell to a six-month low. Job advertising in Auckland rose slightly in December after dropping for the previous five months.
ANZ's weighted composite measure of job advertising rose 1.1 percent in December (seasonally adjusted), up from November's two-year low.
The composite places more weight on newspaper advertisements to offset the effects of multiple internet sites listing the same jobs.
ANZ claims this composite closely tracks changes in the official unemployment rate six months before they turn up in the Household Labour Force Survey, the primary measure of employment levels.
On this basis, they predict the unemployment rate will hold steady, hovering around 7 percent until the middle of this year.
The December quarter HLFS is due for release by Statistics New Zealand on Thursday, February 7.
Online job advertising continues to take market share from newspapers – 10 percent fewer newspaper ads were published last month than in December 2011, while online ads dropped only 1 percent in the same period.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- NZ dollar climbs above 70 US cents on relatively upbeat kiwi fundamentals
- Xero makes a special alteration to rival's billboard
- Three fintech start-ups pitch for funds at end of Kiwibank-sponsored accelerator
- MARKET CLOSE: NZ stocks slip as Manchester concert attack drags on investor sentiment, Comvita drops
- Snowball appoints head of growth capital
Most listened to
- Business leaders on Budget 2017: Failure to set up any significant public-private partnerships for infrastructure is "really disappointing," says Paul Glass
- Serko’s Darrin Grafton says the company can use its SME platform to expand globally
- Trump travels overseas selling jobs as North Korea continues to lash out, on Trump’s Beltway with Nathan Smith
- Nick Shewring says co-working attracts "awesome people doing cool things"
- NBR Radio: best of the week ended May 19, with Grant Walker