Our take on the latest Employment indicators (Wed 28 Sept 2022)
Filled jobs in August up 2.4%pa
Earnings per job up in year to August up 7.0%pa
Employment of 65+ aged workers up 5.9%pa
The key numbers...
- The number of filled jobs rose 2.4%pa in August 2022. Job numbers were up 0.4% from July 2022 (seasonally adjusted), which is consistent with the trend of solid growth since April this year. The monthly result was driven by 0.7% and 0.5% rises in goods-producing and service industries jobs respectively, and came despite a 1.1% fall in jobs in primary industries.
- Job growth was positive across all regions, with the fastest growth since August 2021 in Canterbury (3.3%pa) and Gisborne (3.0%pa).
- Jobs in the primary industries and arts and recreation have dropped from August 2021, but there have been impressive gains for the electricity, gas, and waste service industry (up 8.0%pa) and the manufacturing industry (up 3.2%pa). Jobs in the transport and postal sector are up 5.2%pa, the strongest growth since January 2022.
- Employment for workers in their mid-to-late 20s was down 3.0%pa from a year ago, and employment of 45-49 year old workers edged down 0.7%pa as well. However, these results are stronger than population growth in these age brackets over the last year, at -4.0% and -2.6%pa respectively.
- Youth employment has not stalled in its momentum, with filled jobs for 15-19 year olds up 17%pa.
- Employment of workers aged 60-64 is up 4.3%pa, and employment in the over 65 bracket is up 5.9%pa, possibly as the Older Workers Employment Action Plan begins to reap benefits. Population growth among over-60s was 2.7% in the last year.
- Earnings per filled job in the 12 months to August were up 7.0%pa, the strongest result since May.
Growth in 60+ workers offsets loss of mid-20's, stretching capacity
Total filled jobs
...and our reaction
- The economy is showing remarkable flexibility and ability to expand, despite ongoing indications that the labour market is at capacity.
- Businesses are struggling to find workers, especially as the number of 25-29-year-olds declines, and migrant work visas numbers remain low. Employers look to be increasingly turning to youth and older workers to fill the gaps in the workforce.
- Border closures and demand for workers in higher-paying industries have contributed to significant job losses in some industries, with 2,300 fewer jobs in agriculture and forestry than a year ago, and 2,000 fewer jobs in accommodation and food services. Job growth in other industries is otherwise positive but slow.
- Annual earnings growth is consistently strong, and we expect this growth to remain elevated into 2023 as businesses continue competing to hire and retain workers.
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