Stats NZ data shows Auckland lost more than 10,000 jobs in a year

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

Filled jobs in the Auckland region were down 1.3%, or 10,463 jobs.

Wellington was down by 1.1% or 2990 jobs.

Actual gross national earnings for September 2024 were $15.2 billion, compared with $15b for September 2023.

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

“We continue to expect the labor market to progressively loosen heading into 2025, with the balance of power to move more in favor of employers.”

The ASB economists said the “labor hoarding” of recent years would probably give way to labor shedding.

“Slower growth in the labor force, likely reflecting the impact of sharply slowing net immigration and lower workforce participation, is likely to temper the peak in the unemployment rate, which should come in below 6% by mid-2025,” ASB added.

“Recovering base economic momentum from 2025 should see a pick-up in hiring and then see the unemployment rate recede thereafter.”

Westpac senior economist Michael Gordon said today’s data by industry pointed to ongoing job losses in construction, professional services, and administrative and support services.

“Other services sectors were mixed, with some showing a modest lift in jobs after suffering losses through the middle part of this year. Healthcare is the only sector that has been consistently growing over the past year,” Gordon added.

He said the data was drawn from income tax data, making it a comprehensive record of the number of people in work.