Job ads rebound in February

By Phil Boeyen, ShareChat Business News Editor

Wednesday 13th March 2002

New Zealand's weakening job market may be starting to level off according to the latest ANZ Job Ads series.

Latest figures show that the number of jobs advertised in major newspapers rose 6.2% in February, retracing around one-third of the loss recorded in the previous six months.

ANZ economist David Drage says the turnaround was widespread, with a sharp lift in advertising levels in Auckland, Wellington and Christchurch.

However while the improvement is encouraging Mr Drage says the level still remains 9.9% below last July's peak level and is 4.7% lower than in February last year.

"We believe a drop-off in the number of jab advertisements of the magnitude recorded in the six months through to January will eventually be reflected in official employment numbers.

"While a reversal in net migration flows appears to have eased some of the pressure on the labour market and reduced the need for employers to re-advertise positions, it is unlikely that an increase in labour supply alone accounted for all of the recent weakness in job advertising."

However Mr Drage says the turnaround in February supports the view that any weakness in employment will be relatively limited.

The recent in weakness in the internet job ads series also improved in February, rising 27% over the previous month. However it still remains 35% below its peak in June 2001.

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