More signs that labour market is weakening
There are further signs the labour market is weakening amid slowing economic activity.
A monthly survey by ANZ New Zealand shows newspaper and internet job advertisements fell a seasonally adjusted 0.8% to 32,184 last month, with a fall in internet jobs offsetting a rise in newspaper ads.
ANZ senior economist Sharon Zollner said total ads are now 7% below their peak in mid-2011 and the trend suggests unemployment will be about 7% over the next six months.
"I think there's nervousness about the international situation, the problems haven't gone away even though it's been a period of less volatility recently, and that uncertainty could just be causing some people to defer employment and investment decisions," she said.
Regionally, the pace of job ad growth slowed in Canterbury, Auckland rebounded slightly and Wellington declined.
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