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Statistics New Zealand released its filled jobs survey on Friday, which revealed that October filled jobs were unchanged.
However, as illustrated below by Justin Fabo from Antipodean Macro, the October data incorporated downward historical revisions, with the level of employment in September around 0.2% lower.
As a result, hiring was a mere 0.1% higher in the three months to October, tracking about 2% below the early 2024 peak.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.