ANZ job ads lifted 0.4% m/m - ANZ

Analysts at ANZ noted that the ANZ job ads lifted 0.4% m/m in September (seasonally adjusted).

Key Quotes:

• Job ads growth has slowed to just 0.6% q/q, with a flattening off clearly
• evident. Annual job ads growth has eased from a peak of 20% in January to 9% in September (3-month average).
• Job ads in Auckland have fallen for five months straight (seasonally adjusted) and this region is almost at the bottom of the national table in annual growth terms.
• We suspect labour demand is flattening off somewhat in line with the broader economy as key growth drivers such as construction, migration and tourism top out - however, the labour market remains very tight.
• We continue to expect a modest pick-up in wage growth.