Data Flash (New Zealand) NZ:
ANZ Job Ads - April 2001
Key Points
The ANZ report a 4.1% mom decline in job ads in April, largely reversing the increase in job ads recorded over the first
three months of the year. But as discussed below, we suspect this result to be aberrant.
Commentary
We think that the fact that the ANZAC day public holiday fell on a Wednesday - the second biggest job advertising day of
the week - may well be the key factor explaining the reported fall in job ads (a possibility not discussed by the ANZ in
their commentary).
Three factors support our view:
job ads declined across all regions covered by the survey - quite an unusual event;
a sharp decline was also reported in April 1990 - the last time that ANZAC day fell on a Wednesday; and
the number of internet job ads continued to rise - up 2.8% mom in April. The level of advertising remains high and
consistent with net job creation. Indeed, going forward, it would be a surprise if job advertising levels did not fall
somewhat from over coming months.
Darren Gibbs, Senior Economist, New Zealand
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