Our take on the latest Employment indicators (Mon 30 Nov 2020)
Filled jobs up 1.3%pa in October
Earnings down 9.1%pa in October
Public sector jobs adding 27,500 jobs in a year
The key numbers...
- Growth in the number of filled jobs continued in October, with job numbers up by 1.3%pa, although earnings were down 9.1% over the same time.
- The past few months have seen a staggering number of people employed in public administration and safety. The 27,000 more jobs in public administration and safety than a year ago represents a 20% increase.
- Jobs growth is favouring experience, with 2.7%pa growth in filled jobs of people over 30 years old but a 2.7% decline in filled jobs for people under 30.
- Tasman and Hawke’s Bay have seen the fastest growth in in job numbers, at 5.6%pa and 5.9% respectively. However, Wellington has gained the greatest number of jobs, up 5,300 from a year ago, followed by Waikato, up nearly 4,500.
Jobs growth by industry
Annual change in filled jobs, top 5 and bottom 5
...and our reaction
- More jobs but lower earnings suggest people are working fewer hours in their current roles and many jobs on offer are only part-time.
- Job growth of 20%pa in public administrations and safety is unmatched by other sectors. The election is responsible for a lot of this growth and distorting the underlying picture, although we expect public sector jobs to remain a strong point in the labour market.
- The Jobs for Nature fund ($1.25b) is expected to create 11,000 jobs, while employment in managed isolation facilities will help boost public sector jobs.
- Jobs growth in Hawke’s Bay and Tasman, two large fruit-producing regions, is likely to be benefitting from strong fruit exports throughout 2020.
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