Our take on the latest Employment indicators (Thu 28 Jul 2022)
Filled jobs up 0.6% in June (sa)
Total earnings up 1.1% in June (sa)
Construction job growth slows to 4.9%pa
The key numbers...
- Filled jobs were up 2.5%pa in June, with just over 56,000 more jobs than a year ago.
- Underlying jobs growth rose 0.6% in June from the month before. This growth was driven by higher job numbers in goods-producing and service industries, both up 0.7% from May, even as primary industries employment eased 0.3% (all figures seasonally adjusted).
- Total earnings growth slowed back to 9.4%pa over the 12 months to June 2022. Earnings per job were up an average of 6.0%pa over the last year, with monthly earnings per job up $149 from June 2021.
- Employment for 25-29 year-olds continued to decline in June, with filled jobs down 2.5%pa, while the growth of jobs filled by 15-19 year-olds remained strong at 17%pa.
- Tasman experienced the fastest annual rate of job growth, up 4.2%, with Waikato (3.4%) and Northland (3.3%) also showing strong gains. Areas including Gisborne (0.8%), West Coast (0.8%), and Southland (0.8%) had the slowest annual gains.
- Job numbers in the accommodation and services industry remained limited in June, down 1.0%pa, with only the information media and telecommunications industry showing weaker job growth, down 1.3%pa.
- Construction jobs grew 4.9%pa in June, the slowest rate since November 2020. Professional services and financial services jobs remained strong in June, both up 6.0%pa. The largest job growth in June was in the smaller electricity, gas, water, and waste services industry, which grew 8.2%pa.
Still more jobs growth despite labour challenges
Monthly filled jobs, seasonally adjusted
...and our reaction
- Filled jobs were up again in June, with underlying job numbers now sitting above the previous peak in January 2022. Total earnings and earnings per job were strong in June, indicating that firms are continuing to push up wages in a bid incentivise more employment. The strength of the labour market remains a silver lining in New Zealand’s outlook.
- Today’s figures were surprising for the number of additional roles that have been able to be filled in June 2022. Monthly underlying jobs growth of 0.6% is the strongest in a year, despite the tight labour market, and shows that businesses have been finding new workers, at a price.
- Construction job numbers was strong in June compared to other industries, but the rate of growth continued to slow to 4.9%pa, now far below the peak growth of 8.7%pa seen in November 2021.
- Weaker job growth in the construction industry suggests it is close to maximum capacity and, with consistently high volumes of issued building consents in the last year, the ability of firms to complete projects in the pipeline without undue delay will be tested.
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