BNZ on the latest, November, SEEK employment report from New Zealand
- September's big jump in job advertising has been followed by softer months that have essentially given up those gains, with November's print falling a seasonally adjusted 0.8%, after easing back 0.3% in October.
- This has all but flattened off the trend measure.
- This advanced just 0.1% in November.
- Flatness was also indicated by its annual rate of increase subsiding to -1.0%, while the seasonally adjusted index was down 0.8% compared to November 2018.
(bolding above is mine)
More:
- We wouldn't want to make too much of monthly data, of course. Having said this, we note there has also been weakness in the new monthly filled-jobs series published by Statistics New Zealand. This decreased 0.4% in October, after easing 0.3% in September. This reduced its annual rate of growth to 0.9% - warning that the Q4 Household Labour Force Survey results might be patchy.
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Earlier in the session NZD traded higher on the government promise of infrastructure spending:
- NZD rises on NZ government announcing more infrastructure spending
- NZ will boost fiscal spending (cuts budget surplus forecast)spending. 2hJap
Kiwi has subsequently fallen away to a fresh session low:
