Who's feeling job market recovery? And where has downturn hit hardest?
Data this week is expected to show the unemployment rate still hovering around the highest level it's been in a decade.
The job market recovery has shown mixed results, with some sectors faring better than others. Since October 2023, when the job market peak was reached, the information media and telecommunications sector experienced the most significant job loss, down 11.2 percent or 3,761 jobs. Over five years, its job numbers remain down 5.6 percent.
Construction, too, faced a sharp decline of 8.4 percent or 17,249 jobs since the peak, but the current numbers are flat compared to 2021. Conversely, sectors like arts and recreation services, personal health and fitness training businesses, healthcare and social assistance jobs, and education and training have seen growth since the peak.
Since the peak, arts and recreation services have increased by 6.1 percent and 16.2 percent over five years, personal health and fitness training businesses have grown by 112.5 percent, while healthcare and social assistance jobs have risen by 5.4 percent since 2023 and 12.7 percent over five years. Education and training have also increased by 4.4 percent since the peak and 6.6 percent over five years.
However, the recovery has not yet been a high-quality one, as there are still 40,924 jobs short compared to the busiest time in the labor market. Younger individuals have been the hardest hit by the downturn, with a significant decrease in jobs held by people aged under 30, both since the peak and over the past five years.
Written by urgent.news from RNZ Business's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
