Our take on the latest Employment indicators (Tue 28 Jun 2022)
Filled jobs were up 0.3% in May (seasonally adjusted)
Earnings per filled job up 14%pa
The number of jobs filled by workers aged over 60 grew 4.8%pa
The key numbers...
- Filled job numbers increased 2.8%pa in May, with 6,900 more filled jobs than April. The hospitality sector was a large contributor to this growth, with 2,300 more jobs in the sector in May compared with April. Other large contributors were health care and education, where job numbers increased by 1,200 and 1,100 from April respectively.
- Earnings figures for May show signs of a tight labour market nearing capacity. Total earnings were up 17%pa in May, with monthly earnings per filled job reaching $6,035. Earnings per job grew 7.1% on average over the last 12 months.
- The number of jobs filled by workers aged 60 or more continued to grow in May, and now sits 8.5% above the pre-pandemic level in February 2020. Over the same period, high earnings and a lack of low-skilled labour has seen similar growth in the number of teenagers in work. Those aged 25-29 years old continued to buck the trend, with the number of jobs filled by workers in this age bracket having fallen 3.2% since February 2020.
Job growth proves costly
Earnings per filled job, annual average % change
...and our reaction
- Job numbers edged up again in May, suggesting that New Zealand’s labour market has more capacity than initially expected, with strong growth in workers aged 60 or older contributing to the additional capacity. One hopes that this is driven by the older population being more willing to continue working, due to improved health or a desire to contribute, rather than an inability to retire for financial reasons.
- Unsurprisingly, the additional job growth has come at a much greater cost, as a tight labour market continues to push up earnings. Demand for labour remains high, and with a limited supply of workers, employers are offering higher earnings to entice new workers and existing employees.
- We are optimistic about the strength of New Zealand’s labour market in the face of several indicators of a looming economic downturn. High earnings and strong demand for workers should mitigate the ill effects that slowing economic growth and rising household costs have on the broader economy.
Latest updates
Premium
Employment indicators
Further weak employment recovery
Tue 28 Jul 2026
Monthly
0.1% Filled jobs rose in June 2026 (sa)0.6%pa Filled jobs were up from June 20251.5%pa South Island filled jobs incre from June 2025Premium
Employment indicators
Public sector leads job gains
Mon 29 Jun 2026
Monthly
0.3% Filled jobs in May (sa)
0.1% Filled jobs in April (sa)0.7% Filled jobs from May 2025Employment indicators
Healthcare leads job growth
Thu 28 May 2026
Monthly
0.2% Filled jobs in April (sa)0.5% Filled jobs from April 20255,527 Healthcare jobs over the year to AprilEmployment indicators
Let’s hear it for the South
Tue 28 Apr 2026
Monthly
0.3% Filled jobs in March (sa)0.2% Filled jobs in February (sa)1.5%pa South Island jobs in March