NZ Jan. filled jobs 2.348M
TL;DR
New Zealand's filled jobs rose 0.3% monthly to 2.348 million in January 2025, marking a third consecutive increase, but fell 1.2% annually, indicating ongoing labor market challenges. Service industries drove growth, while construction and manufacturing declined, with younger workers and some regions seeing significant job losses.
NZ Jan. filled jobs 2.348M
New Zealand’s Filled Jobs Rise in January 2025, but Annual Decline Persists
New Zealand’s filled jobs totaled 2.348 million in January 2025, reflecting a 0.3% monthly increase (7,948 jobs) compared to December 2024, according to Stats NZ’s Monthly Employment Indicators (MEI). This marks the third consecutive monthly rise after a series of declines in 2024. However, on an annual basis, filled jobs fell by 1.2% (28,700 jobs) compared to January 2024, signaling ongoing challenges in the labor market.
Industry and Regional Trends Service industries drove the January growth, with a 0.5% increase (8,361 jobs), while primary and goods-producing sectors declined slightly. Key sectors showed divergent trends: health care and social assistance rose by 2.3%, education and training grew by 4%, and construction fell by 6.6%. Manufacturing also contracted by 2.6%, contributing to annual job losses.
Regionally, Wellington, Auckland, and Hawke’s Bay experienced the largest annual declines in filled jobs, with reductions ranging from 1.1% to 1.8%. Age-specific data revealed sharp declines for younger workers: filled jobs for 15–19-year-olds fell by 11%, and 25–29-year-olds dropped 4.7% since January 2024.
Economic Implications The MEI figures suggest stabilization in employment toward the end of 2024, with Westpac senior economist Michael Gordon noting that the upward revision to November’s job growth—now at 0.5%—indicates "employment was stabilizing and even picking up in some sectors". However, the annual decline underscores persistent labor market pressures.
Official unemployment figures for the December 2024 quarter were released at 5.1%, the highest since September 2020. The Reserve Bank (RBNZ) previously projected unemployment would peak at 5.3% in late 2024 before gradually easing. While the MEI data may hint at an earlier stabilization, the annual job losses highlight the need for continued monitoring.
With the next round of labor market data due in February 2026, investors and policymakers will watch for signs of a sustained recovery in employment trends.
