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The number of jobs advertised in New Zealand rose by +4.5% in July, compared with the same month last year, according to the monthly survey by the Australia and New Zealand Bank (ANZ). The number of adverts rose in July by +3.5%, compared with June 2013.
The growth reflects a monthly increase of +2.3% in the number of internet advertisements, bolstered by an +11% increase in the number of newspaper adverts, which is traditionally a smaller and more expensive market segment.
Sharon Zollner, senior economist at ANZ, commented: “The labour market has been a disappointment in an otherwise increasingly broad-based economic expansion. [These results], if we can follow it up with successive monthly rises, offer the prospect of sustained job growth finally coming to the party.”
The previous monthly job advertisement survey predicted a light rise in unemployment after a big fall in the first quarter to March, down from 6.8% to 6.2%. As evidenced by the June quarter figures, unemployment increased to 6.4%.
Zollner added: “Given the unemployment rate averaged a touch over 7% in the middle quarters of 2012, this would on the face of it suggest that the unemployment rate will continue to rise from the current 6.4% back up towards 7%.”
“However, the unemployment rate has been so volatile lately that we prefer to focus on the thematic of an on-going, but regrettably sluggish, labour market,” she added.