Weakening economy takes a toll on employment.
Continuing weakness in the domestic economy has seen the predictable labour market response, with fewer vacancies, slower jobs growth and rising unemployment.
New Zealand’s labour market has been relatively resilient in recent times, following a period of severe skills shortages in many sectors. But that is now starting to turn.
There is a weaker business outlook, and it’s anticipated that economic activity will be subdued for most of 2024.
The recent Budget reinforces this outlook – real GDP is forecast to contract 0.2% in the year to June 2024, and the unemployment rate is set to climb to a peak of 5.3% by the end of the year.
This report uncovers what’s happening across New Zealand, looking at how the workforce has been impacted, the challenges employers face in the current landscape and trends in national recruitment activity.
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