Nick Brunsdon: Infometrics Principal Economist on the positive signs from the latest employment data

Employment data out today shows filled job numbers rose 0.2% in March.

Primary industries led the growth up 04%.

Infometrics Principal Economist Nick Brunsdon says it's a reason to get excited.

“It’s to be celebrated after a fair period of decline.”

LISTEN ABOVE.

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:00):
Now there are some positive signs in the latest employment
data out today. Filled job numbers rowse zero point two
percent in March and primary industries lead the growth up
zero point four percent. Nick Brunsden is Infametrics principal economist
and with us Heynick, I mean it's pretty small. Is
it enough to get excited about?

Speaker 2 (00:18):
Normally it wouldn't be. No.

Speaker 3 (00:20):
I think the reason why we are getting a tiny
bit excited about it is that it comes after a
year of declines for a month on months, so it's
the greenest of green shoots and that's sort of to
be celebrated after a fair period of decline.

Speaker 1 (00:35):
In primary industries. Why is it doing so well?

Speaker 2 (00:39):
Yeah, well, I was thinking about the expert data out
last week.

Speaker 3 (00:42):
We'll got some really good returns coming through for the
primary sect or horticulture is doing really well. Jery prices
up and so that's supported those areas to hire a
little bit.

Speaker 1 (00:50):
More and this is why the South Island's doing better.

Speaker 2 (00:54):
Definitely. Yeah.

Speaker 3 (00:55):
A curious result out of the data today was the
South Island is growing slightly faster than the North, again
underpinned by the primary sector and the North less primary
exposed more exposed to services and construction, and those areas
aren't doing quite so well at the moment.

Speaker 1 (01:09):
Nick, is it I mean, it's really too early to
see a trend here and take too much heart from it.

Speaker 2 (01:13):
Yeah, yeah, that's fair. Yeah, no, it is a little
bit too early. It is a good sign. It is
broadly consistent with other measures though.

Speaker 3 (01:21):
So we did see an uptick in job adds again,
a one month uptick in February.

Speaker 2 (01:26):
So it does.

Speaker 3 (01:27):
It does show that we are starting to come up
off the bottom, and all the other indicators lead us
to the conclusion that we are essentially at the bottom.
So it is a question of when we do start
coming up off the bottom.

Speaker 1 (01:38):
Brilliant stuff. Hey, Nick, thanks very much, really appreciated. Nick
Brunson Informatrix Principle Economists. For more from Hither Duplassy Alan Drive,
listen live to news talks it'd be from four pm weekdays,
or follow the podcast on iHeartRadio.