2024 Labour Market Update - Auckland

2024 Auckland Market Insights

The Auckland labour market is experiencing a notable shift due to a significant influx of labour at the end of 2023, with close to a net gain of 130,000 migrants nationwide. However, it's important to note that there's still a net loss of 44,500 New Zealand citizens, indicating a continuous trend of Kiwis leaving the country. This influx has altered the dynamics between job seekers and employers, leading to increased competition for opportunities and diminishing bargaining power for candidates seeking improved work conditions.

Although unemployment rates are increasing, they remain relatively low (4.0% in the December 2023 quarter), indicating that while sourcing quality talent is comparatively easier than in 2023, it still poses a significant challenge for employers. Economic manipulations aimed at curbing inflation are expected to further increase unemployment, creating a tighter job market in the upcoming year. As organisations grapple with talent shortages and cost pressures, 2024 is forecasted to be another year of uncertainty in the Auckland labour market.

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