SEEK NZ Employment Report - December

Rob Clark, SEEK NZ Country Manager says

“Job ads declined slightly month-on-month following a small rise in November.

“Overall, the trend in 2024 was one of decline, with ads down 22% compared to December 2023.

“Some industries ended the year with more opportunities, including Banking & Financial Services and Insurance & Superannuation, thanks to growth spurts at the end of the year.

“Hiring and applications do tend to pick up in the early months of a new year, as hirers and candidates start thinking about the future – so, January and February will be ones to watch.”

National Trends

After rising in November, job ads declined 2% in December and are down 22% y/y. The cities drove the overall decline, with metro regions falling 3% while the rest of the country recorded no change m/m.

With only slight variations m/m over the latter part of the year, the overall trend shows a decline of just 1% since June.

Applications per job ad fell for only the second time in 2024, down 2% m/m, but were 32% higher y/y.

Region Trends

After rising in November, Canterbury (-5%), Auckland (-4%) and Wellington (-3%) recorded a decline in ad volumes in December. Conversely, Waikato and Otago, which both recorded falling ad volumes in November, rose 2% and 5% respectively m/m.

Of the larger regions, Otago has been impacted the least by job ad decline in 2024, falling just 8%, compared to 25% in Auckland and 23% in Wellington and Canterbury respectively. After some volatility at the start of the year, job ad volumes in Taranaki have not changed y/y.

The nation’s capital attracted the greatest rise in candidate interest in 2024, with applications per job ad up 46% y/y, followed by 42% in Southland and 39% in Manawatu.

Industry Trends

While the majority of industries recorded a decline in job ads in December, there was rising demand among the largest hirers: Trades & Services (3%), Manufacturing, Transport & Logistics (5%) and Information & Communication Technology (6%).

Healthcare & Medical roles recorded a 6% decline, and are now 15% lower q/q, while Retail & Consumer Products roles fell 13% q/q.

Most industries have slowed their hiring since December 2023, with the few exceptions including Banking & Financial Services (29%), Mining, Resources & Energy (12%) and Insurance & Superannuation (12%), among others.

The industries that attracted the largest rise in applications per job ad y/y were Advertising, Arts & Media (71%, a relatively small industry), Retail & Consumer Products (64%), Administration & Office Support (61%) and Construction (59%).

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