The Council of Trade Unions (CTU) says latest job figures reflect an economy which has peaked and will soon be in decline.
ANZ's latest employment survey showed total job advertising fell 0.6 percent in June - the fourth month in a row that the figures have dropped.
Of the three main centres, only Auckland had more total job ads than a year ago, up 7.6 percent.
CTU economist Bill Rosenberg said job numbers were dropping in response to the slowing Canterbury rebuild, with lower dairy returns also affecting all types of jobs across rural New Zealand.
He said beneficiary numbers also reflected the slowing job market, with more people claiming a benefit in the June quarter compared with the March quarter.
Labour finance spokesperson Grant Robertson said ANZ's figures showed the true state of the country's ailing economy in a week which also saw a fall in consumer and business confidence.
He noted that figures had come in a bad week, with slumping dairy prices and a fall in consumer and business confidence.
Mr Robertson said falling dairy prices were affecting jobs in rural areas, while the construction boom was also faltering.
Business New Zealand said employers were being more cautious about taking on more staff as the economy goes through a bit of downturn, but overall the job market was positive.
Business New Zealand's chief executive Phil O'Reilly said the economy was more of a mixed bag then it was last year, but unemployment was relatively low compared to competitor countries.
He took a positive view on the fall in the value of the New Zealand dollar against the US, saying it would be good for exporting businesses.