New Zealand jobs advertisement data
+ 0.4% m/m for September (seasonally adjusted)
- August was +1.0%
+0.6% q/q (quite a flattening)
For the y/y (3 month average) its +9%, well down from the +20% in January
More from ANZ:
- Job ads in Auckland have fallen for five months straight
- We suspect labour demand is flattening off somewhat in line with the broader economy as key growth drivers such as construction, migration and tourism top out. However, the labour market remains very tight.
- As always, it is important to pay attention to the levels when growth flattens off. The unemployment rate is at its lowest level since 2008. Accordingly, even with slowing growth in labour demand from here, we expect a modest increase in wage growth. However, the increase looks set to be capped by still-subdued CPI inflation, given this is often a starting point for wage negotiations.
NZD has done little (depending on your charting provider you might have seen a 100-odd point fall in the NZD/USD and then a straight back up again to uchanged ... in which case discard that charting provider!):
