New Zealand's job market declines, with significant losses in construction and affecting young adults most.

New Zealand's job market is experiencing a downturn, with a 0.1% drop in filled jobs in October 2024, marking seven consecutive months of decline. The construction sector saw a significant 5.3% job loss (11,141 jobs), alongside decreases in healthcare, public administration, and administrative services. Young adults, aged 15-29, have been particularly affected, with a 12.3% decrease in filled jobs over the past year. The Reserve Bank predicts unemployment will rise to 5.2% by March 2025.

November 27, 2024
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