Recently, job advertising has dropped for two consecutive months, and the development is nearly to zero in Auckland.
Based on online tracking and printing job advertising from the monthly ANZ job ads indicator, there has been a 0.3 per cent drop between November and December.
Job advertisement around the globe is still maintaining at approximately 6 per cent, the speed of annual growth has decreased consecutively in 11 months.
In the beginning of 2017, Auckland was recording the annual advertising growth at around 20 per cent, but then it dropped to 0.4 percent in December.
It is also reported that the growth of Wellington and Canterbury was also under the national benchmark in December.
The employment market was “maturing” but not “softening” as the unemployment rate in recent years remained comparatively low, ANZ chief economist Sharon Zollner suggested.
ANZ assumes that the growth of employment in 2018 will be slow as well.
“It’s a little bit surprising because it’s pretty much cranes everywhere you look in Auckland and plenty of stuff is going on,” Zollner said.
Due to the lack of response, constructions companies have just stopped advertising.
“The construction sector is hitting capacity constraints, particularly in terms of labour and one suspects if we had an unlimited supply of builders just sitting out there, job ads growth would be a little higher,” Zollner said.
Auckland constructors have no reason to adopt advertising at this stage, and they are not actively looking for employees on job websites, Zollner added.
ANZ projects that the increasing speed of employee wage will be catch up in 2018.