Statistics New Zealand data shows Auckland has lost more than 10,000 jobs in a year

In Auckland, the decline in all filled jobs was greater in absolute and relative terms than in Wellington.

Filled jobs in the Auckland region fell by 1.3%, or 10,463 jobs.

Wellington fell by 1.1% or 2,990 jobs.

Actual national gross revenue in September 2024 was $15.2 billion, up from $15 billion in September 2023.

“The fall in jobs since its peak in March 2024 has been broad-based across all age groups and regions, consistent with the overall economic contraction,” ASB economists said today.

“We continue to expect the labor market to gradually weaken by 2025, with the balance of power shifting in favor of employers.”

ASB economists believe the “labor hoarding” of recent years is likely to give way to a shrinking workforce.

“Slower labor force growth, likely reflecting the impact of a sharp slowdown in net immigration and lower labor force participation, is likely to keep the unemployment rate from peaking, which should fall below 6% by mid-2025,” ASB added.

“Restoring underlying economic momentum from 2025 should lead to increased hiring and then a decline in unemployment.”

Westpac senior economist Michael Gordon said today’s industry data showed continued job losses in construction, professional services and administrative and support services.

“Other services sectors were mixed, with some posting modest job growth after losses midway through this year. Healthcare is the only sector that has grown consistently over the past year,” Gordon added.

He said the data was taken from income tax data, making it a comprehensive data on the number of people working.