Our take on the latest Employment indicators (Wed 28 Jul 2021)
Filled jobs jump 1.1% (seasonally adjusted) in June
Construction and health growth tops 6%pa
Tight labour market is pressing more people into work
The key numbers...
- Filled job numbers rose 1.1% (seasonally adjusted) in June – the fastest pace of growth in 2½ years.
- Job numbers in the North Island continue to lead the way, up 2.8%pa, compared to a slower pace of 1.5%pa in South Island employment. Gisborne and Bay of Plenty recorded the strongest growth in June.
- Employment in the construction and health industries is increasing unabated, with filled jobs up 6.1%pa and 6.0%pa respectively. Manufacturing is also seeing a boost in jobs, recording annual employment growth (0.3%pa) for the first time in nearly a year.
- Total earnings over the last 12 months have risen by 6.5%pa as stronger employment and higher wages send boost household incomes.
Further boost in job numbers
Filled jobs, seasonally adjusted
...and our reaction
- June 2021 job numbers were incredibly strong and underscore the labour market pressure being felt from strong demand across the economy.
- Other indicators of a stretched labour market include businesses reporting it to be the most difficult period on record to find workers, high job churn, high job ad numbers, and non-existent immigration of skilled workers.
- The rise in employment suggests that businesses are having to take on less suitable staff, and with businesses casting their net wider, we expect the unemployment rate to fall further in the June 2021 quarter.
- Stronger job numbers will be increasing money available for household spending and reinforce our view that consumer spending levels will remain higher over the rest of 2021.
- However, the difficulties finding more workers and materials to service this strong demand are also adding to inflationary pressures.
Latest updates
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