Employment Indicators December 2024

December 2024⁣ Employment Snapshot: Key Takeaways

The latest employment indicators released by Stats ‌NZ ‍paint a ⁤nuanced‍ picture of ​the New Zealand labor market in December 2024. While overall filled jobs saw a slight increase of 0.1%, a closer look reveals shifts across various sectors and ⁣demographics.

The December 2024 figures show a decrease​ of⁤ 27,997 (1.2%) filled jobs compared‍ to December ⁤2023, landing at 2.39 million.

Certain sectors experienced ​notable⁤ contractions.Construction‍ saw the most ​meaningful decline,shedding 12,745⁢ jobs (6.1%) ‍year-on-year. Administrative ⁣and support services followed closely, losing 7,068 jobs (6.8%). Manufacturing also experienced a dip, down by 5,978 jobs (2.5%) compared to December 2023.

However, ‍the health ⁢care and ⁢social⁢ assistance ⁤industry⁢ bucked the trend,⁣ witnessing a 2.8% (7,590 jobs) increase. This positive growth indicates ongoing demand‌ within‌ the sector.

Looking at regional trends, Auckland, Wellington, Manawatū-Whanganui, Waikato, and Hawke’s Bay all saw decreases in filled jobs compared to the previous year.

The news also ‍reflects a gendered impact, with men experiencing ⁤a greater decline (1.7%) in filled jobs compared to women (1.0%).

Age groups also tell ​a story: The youngest workers, aged‌ 15-19, faced the most significant ⁢job losses (9.2%), while those aged 35-39 ‌saw⁢ a ⁣notable increase ‍(2.7%). ⁣

On a positive note, actual gross earnings‌ on an accrual basis reached⁢ $16.2 billion in December⁣ 2024, marking a slight increase from the $16.1 ‌billion recorded in December 2023.

These thorough insights provided by Stats NZ‌ offer valuable data⁢ for policymakers, businesses, and individuals looking to navigate the evolving landscape of the New Zealand labour ‌market.

How ⁣can policymakers best support young people entering the workforce in light of⁤ the concerning job losses observed in this‍ age group?

Interview: Deconstructing December’s ⁤Employment Snapshot

Archyde ‍sat down with Dr. Rosemary Lee, Senior Economist at the ‍New Zealand Institute of Economic ⁣Research, ⁢to unpack the latest employment figures‍ released by ​Stats NZ. the ⁣December 2024⁢ snapshot offers a nuanced⁣ picture of⁣ the New zealand labor market,revealing ​both ‌challenges and opportunities.

What’s the ‍most striking takeaway from these ⁤latest employment figures, Dr. ‍lee?

“While the overall increase in filled jobs might appear positive,the​ details paint a more complex picture.​ We’ve seen a significant​ decrease in ​filled jobs compared to December 2023, notably in sectors like construction, administrative ‌services, and manufacturing. This suggests ⁣underlying⁤ strains within ‍these industries.”

The health care and social assistance industry bucked the trend with strong growth. why is that, and what does it tell us about future⁣ labor market demands?

“This growth in healthcare aligns with national projections ⁣and ​demographic trends. ​An aging⁤ population naturally increases the demand for healthcare professionals. It indicates New ‌Zealand ⁣needs to invest in building capacity within this sector to meet‌ the growing needs.” ⁣

The data also‍ reveals a concerning trend of‍ job losses ⁣among the youngest workers, aged 15-19. What might be contributing to this?

“It’s likely a ⁣combination of ⁣factors. The experience of the pandemic, coupled with⁣ a ⁤slowing economy, might be making it harder for young people to secure ‍thier first jobs. Additionally, the changing nature of ​work, with the rise of automation and gig work, could be⁤ creating new challenges for entry-level workers.

Regionally, several ‌areas⁤ experienced⁣ job declines. What are the⁢ potential implications of ‍this uneven distribution of employment ‌change?

“Uneven regional⁣ growth can exacerbate⁤ existing inequalities. Loss of jobs in ‌certain regions can impact local economies, leading to ⁢lower incomes, reduced investment, and even outmigration. This highlights the⁢ need for targeted policies aimed at boosting​ job opportunities⁢ in areas experiencing challenges.”

On a more positive note,⁣ actual gross ‌earnings show a⁢ slight ⁤increase. How​ does this factor into the overall economic picture?

“While positive, the modest increase in earnings needs to ⁣be considered alongside ⁢the rising cost of living. It’s significant to assess ‍whether wage growth is keeping pace with inflation to understand the true financial wellbeing of New Zealanders.”

Looking‌ ahead, what are‍ your key recommendations for policymakers‍ to navigate these shifting labor market dynamics?

“It’s crucial⁣ to invest⁢ in skills growth and reskilling programs​ to address the changing ⁢demands​ of the ⁢workforce. ⁢additionally, targeted ‍support for vulnerable groups, like young people and those ‌in shrinking industries, ​is essential.⁤ Policymakers must also ‍prioritize initiatives that foster regional economic development and ensure ⁣a ‌more equitable distribution of employment opportunities.”

Thank you for your insights, Dr. Lee. ⁣Ultimately, what message do ⁢these employment figures​ send​ to individuals considering their career ⁣paths in New‍ Zealand?

“The labor market is⁤ evolving rapidly.‌ It’s ⁤crucial to be adaptable, embrace lifelong learning, and consider pursuing careers in growing sectors. ​While​ there​ are‍ challenges,there are also opportunities. By adapting to the changing ⁤landscape and acquiring⁣ in-demand‍ skills, individuals can position themselves for success in the​ New‍ Zealand workplace.”