Cameron Bagrie.
Strong job advertisements in June confirmed dairy sector
woes and the Canterbury rebuild slowdown were being outgunned
by strong activity elsewhere, ANZ chief economist Cameron
Bagrie said yesterday.
Capacity pressures and skill shortages were set to become key
issues for businesses.
Releasing the ANZ Job Ads Series, Mr Bagrie said job
advertisements were rising everywhere around the country
except Canterbury.
Job advertisements carried by the Otago Daily Times
for Otago were up 12.1% in the last three months alone,
seasonally adjusted, and 16.7% year-on-year on a three-month
average.
Queenstown would be contributing to that, he said.
Waikato job advertisements were up 14.7% year-on-year,
despite struggles in the dairy sector.
"This region's economy is certainly one of two halves as the
housing and construction sectors booming.''
Manawatu was up an "impressive'' 15.6% year-on-year and
Hawke's Bay was up 12.2%.
Reviewing the national series, job advertisements lifted 0.5%
in June and were accelerating.
They were running 9.1% higher than a year ago, Mr Bagrie
said.
Internet job advertising lifted 1% in June while newspaper
advertising, which was much more volatile, fell 6% after
rising a similar amount in May.
ANZ only included advertisements from newspapers in Auckland,
Wellington and Christchurch in the national series, with
other newspapers, such as the ODT, being included in
the "rural division''.
Auckland job advertisements were up 11.8% on a year ago and
Wellington advertisements were up 7.1%.
Canterbury was experiencing a "unique cycle'', he said.
Advertisements were 9.3% lower than a year ago as the
earthquake rebuild effort gradually wound down.
"Job ads are rising around the country, except Canterbury, to
meet demand and particularly for new housing and
infrastructure.
"The uniformity across the regions signals an economic
expansion that is flowing strongly into job creation. It's
merely a question of time before that puts upward pressure on
wages.''
The economy did not look to be in need of further interest
rate stimulus at present, Mr Bagrie said.
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