Our take on the latest Employment indicators (Mon 28 Sept 2020)
Filled jobs rose 0.3% (sa) in August
Total earnings down 9.5%pa (sa) in August
Earnings per worker down 0.5%pa
The key numbers...
- The number of filled jobs increased 1.5%pa in August, or 0.3% (seasonally adjusted) from July.
- Of the over 9,000 additional filled jobs in August compared to July, 7,000 of these were in the education and training sector.
- Auckland was the region that saw the slowest growth in filled jobs, up 1.1%pa, while Hawkes Bay and Tasman saw the fastest growth in filled jobs, up 4.3%pa and 5.4%pa respectively.
- Earnings were up 1.0%pa in August, but down 9.5% (seasonally adjusted) from July. When considering the annual increase, it’s important to remember that filled jobs and earnings usually track upwards with population growth, which picked up in the early part of 2020.
- Earnings per worker were down 0.5%pa in August.
- Young and especially female workers continue to be most afflicted in the labour market, with filled jobs for young females (under 30) and young males falling 2.8%pa and 1.9%pa respectively. Meanwhile, filled jobs for over 30-year olds increased by 2.8%pa.
Monthly earnings per filled job
12 month average earnings, $
...and our reaction
- Level 3 lockdown in Auckland and, to a lesser extent, Level 2 lockdown across the rest of the country will have been large contributing factors to why earnings in August were so weak.
- However, broad weakness in earnings per worker highlights the current stagnation in the economy.
- Above-average growth in filled jobs for regions such as Hawkes Bay and Tasman is likely to be partially fuelled by resilience in our fruit and horticulture sectors, shown by strong export growth.
- Now is a tough time for young graduates, as although many job losses may have been prevented or delayed by large government stimulus, hiring of inexperienced workers has slowed. Further study for recent graduates becomes an obvious option for many, which looks to be boosting employment in the education industry.
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