Job adverts showing strongest growth in three years, Auckland up 1% after two-and-a-half years of decline

Job advertisement volumes have risen by 1% for the past four months and are now 7% higher than a year earlier, according to the Seek Employment report for October.

Annual growth has not been this strong since November 2022, Seek said.

However, applications per ad also rose 2% for the month and remain at record-high levels.

“While we’re mindful that many Kiwis are still facing real challenges in finding work, this data does indicate that hiring activity has stabilised after many months of decline,” Seek country manager Rob Clark said.

A more promising sign of stability returning on a wide scale was that ad volumes had grown annually in Auckland for the first time (1%), after two-and-a-half years of decline, Clark said.

Aside from Gisborne (-1% for the month), all regions recorded either no change or growth in October. Job ads saw the strongest monthly growth in Hawke’s Bay (3%) and Otago (3%).

“One encouraging sign is that this growth isn’t concentrated in just one or two areas – we’re seeing modest gains across most industries and in most regions around the country,” Clark said.

Monthly increases were recorded across most industries, the largest being Sport and Recreation (4%), followed by Education and Training, Legal, Construction and Hospitality and Tourism, all rising 3%.

Job ads in Information and Communication Technology have risen consistently for 12 months and are now 15% higher annually.

“For candidates, this represents some encouraging movement in an otherwise extremely tough market,” Clark said.

“And there are plenty of candidates in the market, with applications to both New Zealand and Australian jobs by local workers extremely elevated compared to pre-Covid levels.”

Seek is the largest advertiser of jobs in the country. Its data are seen as an early indicator of labour market trends.

Official Stats NZ labour market data are released quarterly.

As of the September quarter, the unemployment rate was 5.3% (up from 5.2% in June). The new unemployment rate is the worst in almost nine years.

In nominal terms, the 160,000 people that figure represents are the most since 1994.

The unemployment rate for those aged between 15 and 24 has hit 15.2% and the number of young people who are not in employment, education or training has risen to 13.8%, up 1.4 percentage points annually.

However, many economists believe this may be the peak for this economic cycle.

Liam Dann is business editor-at-large for the New Zealand Herald. He is a senior writer and columnist, and also presents and produces videos and podcasts. He joined the Herald in 2003.

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