As expected, the latest monthly filled jobs data was reflective of a labour market still hovering around the bottom of its cycle. Over February, Stats NZ’s filled jobs measure showed hiring was broadly flat over the month after January’s downwardly revised 0.1% lift. After falling 1.8% from its March 2024 peak, it seems the pace of job losses is truly flattening out now. The economy may have crawled its way out of recession at the end of last year, but for now at least, activity remains too weak to create jobs. It’s as we’d expect though. It’s not until the second half of this year that we expect a rebound in employment growth, given the lagged nature of the labour market.
By industry, there’s further evidence of the growing strength of the primary sector. Jobs growth within the primary sector outperformed the industries, with a 1% lift over February. Jobs growth across service industries was flat over the month, while goods-producing industries were down 0.3%. Undoubtedly weighed down by construction, filled jobs in goods-producing industries have averaged a 0.3% decline over the past three months.
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