Job market starts downturn
New Zealand’s slowing economy means that the jobs market is losing some of its steam, amid sure signs that the rate of unemployment will rise over the coming year.
The jobs market still has plenty of underlying strength, and there remain hiring challenges for many firms, but conditions are now abating.
During April, the volume of job ads fell for the first time this year, according to SEEK.
ANZ Bank sees the unemployment rate lifting quite sharply from the second half of 2023, rising to 5.4% by the end of 2024.
The New Zealand economy is now technically in recession after GDP contracted 0.1% in the March quarter, following a 0.7% fall in the December quarter.
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