Deutsche Bank - ANZ Job Ads (Sept) and Consumer Confidence
Economic Note (New Zealand) NZ: ANZ Job Ads (Sept) and Consumer Confidence
The trend number of job ads rose sharply by 2.5% mom in September and was 34.6% higher than in September 1998 - this was the thirteenth consecutive monthly increase in the series. Strong growth was experienced in both the Auckland (2.7% mom) and Wellington (2.6% mom) regions.
The latest WestpacTrust McDermot Miller Survey showed consumer confidence rose to 114.6 in the September quarter, up from 113.7 in June. A survey measure above 100 indicates that optimists outnumber pessimists.
The level of job ads data remains consistent with a further rise in employment over 1999. Furthermore, continued strength in job ads over the September quarter provides support to our expectations that September GDP will reflect a significant rebound in economic activity.
Higher levels of consumer confidence are consistent with strong retail sales data released earlier in the week which showed retail spending in August had increased 1.3% mom. Positive consumer sentiment signals continued strong consumption activity until the end of this year at least.
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