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- The advertised salary growth rate continues to fall with a notable decline in advertising, arts and media.
- The SEEK Advertised Salary Index rose 0.7 percent for the three months to February.
- The annual growth rate of advertised salaries was 2.6 percent, around half the level recorded at its peak two years ago.
- Government jobs recorded annual advertised salary growth of 5.2 percent, slowing to 0.4 percent for the quarter
- Salaries in science and technology were the leader of the pack with a 7 percent increase year-on-year.
Advertised salary growth for jobs posted on a major recruitment website is stuttering across a wide range of industries and professions.
The SEEK Advertised Salary Index over the three months to February was largely flat with a rise of 0.7 percent.
This compares to an annual growth rate of 2.6 percent in the 12 months to February, which was around half the level recorded at its peak of 5.1 percent two years ago.
SEEK Country Manager Rob Clark said science and technology jobs were the leader of the pack with a 7 percent increase year on year, and quarterly growth of 1.4 percent.
Advertised salary growth in government jobs was 6.3 percent for the past year, which fell to just 0.9 percent for the three months to February.
Marketing and Communications had advertised annual salary growth of 5.2 percent, stripped back to 0.4 percent for the quarter.
Engineering had annual advertised growth of 4.3 percent, but just 0.1 percent for the quarter.
Slower advertised salary growth in some of the largest industries is "dragging down" the national average, according to SEEK.
"Annual average advertised salary growth continues to slow but remains above inflation," SEEK NZ country manager Rob Clark said.
"Despite having some of the more robust labour markets over 2024, advertised salary growth has slowed more notably in the more regional parts of the South Island."
"Slower advertised salary growth in some of the largest industries is dragging down the national average, with some smaller industries like Science & Technology growing much faster."
The Advertising, Arts & Media industry had back-to-back quarterly declines in advertised salaries resulting in an annual decline of 1.7 percent year on year.
Human Resources & Recruitment also experienced back-to-back quarterly declines in advertised salaries.
Over the past quarter advertised salaries grew the fastest in Auckland (0.9 percent q/q), slightly faster than advertised salaries in Canterbury (0.8 percent q/q) and the Rest of the North Island (0.7 percent q/q).
In contrast, recent quarterly advertised salary growth has been slower in Wellington (0.5 percent q/q) and the Rest of the South Island (0.1 percent q/q).
The recent slow growth outside of Canterbury in the South Island has resulted in a slowing of annual advertised salary growth to 0.5 percent year on year from its peak of 6.4 percent year on year in August 2023.
"This comes despite the South Island having some of the most robust labour markets over 2024," he said.
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