Latest ANZ New Zealand job ads data suggests unemployment is
on the rise.
The data, which covers newspaper and internet ads, showed job
ads fell 2.9 per cent in September, following a 0.6 per cent
rise in August, the bank said.
The monthly fall was driven by both a 2.4 per cent fall in
internet job advertisements, and a 5.9 per cent fall in
newspaper listings, seasonally adjusted.
The bank's composite total, which weights newspaper ads more
heavily to give a better indicator for the unemployment rate,
fell 4.0 per cent.
"This continues to suggest the unemployment rate will rise
towards 7 per cent over the next 6 months," ANZ said.
The bank said anecdotes of job losses in the tradeable sector
were starting to accumulate.
"The trend for job ads is still flat, but it is notable that
total job ads in September were 6.0 per cent below their July
2011 post-recession peak, seasonally adjusted," the bank
Canterbury job ads continued to trend higher, while other
regions remained flat to falling, ANZ said.
New Zealand's unemployment rate was 6.8 per cent in the June
quarter, according to Statistics New Zealand data.