Data Flash (New Zealand) ANZ Job Ads Survey - October 2000
* The trend number of job ads - the headline figure reported by the ANZ - rose 1.0% mom in October.
* However, in seasonally adjusted terms, we estimate that the number of job ads fell 1.1% during the month. Nonetheless,
this should be seen as a robust result as it follows a cumulative 8% growth over the previous three months.
The continued resilience of job ads adds some credence to last week's incredibly strong HLFS employment result. As the
chart below shows, the ANZ series - once seasonally adjusted - was one of the few indicators to point to anything like
the HLFS outcome. While we maintain the view that the HLFS almost certainly overstated the strength of the labour
market, it is clear that the labour market is performing more strongly than many people had expected (and certainly
stronger than some surveys had suggested). Next week's Quarterly Employment Survey will be analysed closely for signs
that the Q3 HLFS result should have been taken more seriously by the market.
Darren Gibbs, Senior Economist, New Zealand,
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