Our take on the latest Employment indicators (Fri 28 Mar 2025)
Filled jobs unchanged in February (sa)
Primary industries jobs up 1.0% in February (sa)
Construction industry jobs down 6.6% from Feb 2024
The key numbers...
- Filled job numbers were unchanged in February from January (seasonally adjusted). This month-on-month change may be revised down to a decline as employment numbers tend to be revised down in the following release. The previously monthly rise in January of 0.3% was revised down to 0.1% (seasonally adjusted).
- Filled jobs growth in primary industries prevented a decline in broader employment numbers as the sector saw a 1.0% rise from January. Filled jobs in goods-producing industries declined 0.3% from January, marking its thirteenth consecutive monthly decline in filled jobs, reaching a 4.1%pa annual fall in filled jobs. Filled jobs in service industries were unchanged, but down 0.8%pa from a year ago (all figures seasonally adjusted).
- Annual declines in filled jobs by industry were led by information media and telecommunications (-7.3%pa), although the annual decline narrowed for the third consecutive month after appearing to peak at -8.6%pa in November 2024. Filled jobs in the construction industry have been lower than a year ago for eleven consecutive months, with the annual decline reaching 6.6%pa in February.
- Job ads in February declined 3.9% from January (based on Infometrics seasonal adjustment of MBIE data). Job ads are yet to register two consecutive monthly rises but have remained largely level since mid-2024.
Goods-producing industry jobs continue falling
Annual % change, monthly filled jobs
...and our reaction
- A solid trend is yet to emerge in filled job numbers, with month-to-month changes moderate but volatile. This lack of a clear trend might continue over the next couple of months as job ads have stopped declining but remain at low levels.
- The annual decline in filled jobs was 1.6%pa in February, as all regions saw annual declines in filled job numbers in February. Filled job numbers in Otago declined for the first time in three months, falling 0.1%pa. The South Island saw a 0.5%pa decline in filled jobs, compared to a 1.7%pa decline in the North Island.
- The downturn in the labour market has hit younger age groups the hardest. Declines in filled job numbers were led by 15-19-year-olds (-10%pa), followed by 25-29-year-olds (-5.1%pa), and 20-24-year-olds (-3.6%pa). Employment has been the most resilient across 65+ (+2.3%pa), 35-39-year-olds (+1.7%) and 40-44-year-olds (+1.1%pa).
- The rise in filled job numbers in primary industries (+1.0%) from January is positive for regional economies as primary industries made up 24% of employment in rural areas and 13% in provincial areas in the year to March 2024. Recent improvements in commodity prices across dairy, meat, and horticulture should support further increases in employment across the sector.
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