File image. Photo: 123rf
The number of filled jobs rose 3.7 percent in May on a year ago, a figure which pointed to solid growth, an economist says.
Stat NZ figures on employment indicators, which often provide an early indication of changes in the labour market, showed the number of jobs rose 0.2 percent in May, driven by increases in the accommodation and food services and healthcare and social assistance.
Auckland had the largest increase in the number of filled jobs in the year to May, up 4.6 percent, followed by Canterbury, up 3.8 percent.
Westpac senior economist Michael Gordon said the May increase was smaller than recorded in previous months, but still pointed to solid growth.
"For the June quarter, we're tracking at around 1 percent growth in jobs, against a 0.6 percent rise in the working-age population," he said.
"In other words, people are still being brought into the active labour force in order to meet the demand for workers, with migration alone not yet filling the gap."
The Reserve Bank expects the slowing economy will result in a rise in unemployment as wage pressures ease and inflation comes down.
Gordon said the monthly employment indicator was a key indicator the Reserve Bank would be keeping an eye on in the coming months.
