The New Zealand’s job market has taken a nosedive with unemployment predicted to rise in the next three months, according to a report from recruitment and staffing body, RCSA.
RCSA’s data shows in the past three months, job postings have taken a nosedive with employment opportunities plummeting 10.8% in the June quarter.
Job postings are 23.7% lower than a year ago.
“The data suggests that New Zealand is very much in the thick of economic downturn, with the country officially in recession and job ads declining steeply in recent months,” says RCSA CEO, Charles Cameron.
The report breaks down job posting trends by industry, occupation and employment type.
Job opportunities have dipped across both permanent and flexible employment types with demand for flexible staff falling 25% and permanent job offerings down 7%.
Accommodation and food services postings suffered the greatest decline, down 36.6%.
“We have observed a significant decline in accommodation and food services postings,” says the report.
“It would appear that tougher economic conditions have decreased expenditure on entertainment and dining out.”
Cameron says there is definitely concern about what the market is doing and where it is heading but the lack of job postings could also be because employers have given up on using job boards.
“The country’s skills shortage is so dire, it’s highly likely that businesses have halted recruitment efforts because of the severe lack of talent.”
“Unfortunately, data doesn’t lie. New Zealand looks like it’s in for some tough times ahead. The next quarter is crucial and will give us a better indication how long we will be riding this ‘downturn’ wave.
“The fact our members remain relatively optimistic is a good sign. They are a valuable barometer when it comes to interpreting what is actually going on, on the ground. That they aren’t too concerned should provide some comfort,” he says.
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