Advertised salaries not keeping up with rising inflation – Seek

Advertised salaries are falling behind inflation as demand for workers continues to cool.

Seek NZ Advertised Salary Index slowed slightly in the November quarter to 1.1 percent from 1.3 percent in the August quarter.

“The New Zealand labour market remains strong but has cooled in recent months,” Seek country manager Rob Clark said.

He added that annual growth remained strong at 5.1 percent.

“Despite the strong growth advertised salaries are still not keeping pace with inflation, which is running at 5.6 percent.

“For Kiwis feeling the pinch from the cost of living, this data confirms that advertised salaries are still growing rapidly, and one of the best ways to get a pay rise is to get a new job.”

Salary growth was strongest in Canterbury at 6.7 percent year-on-year.

While all regions saw growth, the North Island, outside of Wellington and Auckland, recorded the lowest rate at 5 percent.

Healthcare and medical was the leader among industries with 8.7 percent salary growth.