SEEK NZ Employment Indicators, August 2010

SEEK NZ Employment Indicators, August 1 Commentary After very strong growth of 6.1% (seasonally adjusted) in July, new job ads placed with SEEK fell by 3.8% in August 1. Over the three months to August they have risen by 3.1 % or an annual rate of 13%, which represent continued growth but at a much lower rate than that of 33.9% over the past year. The figure for August is more likely to be a statistical reaction to the unsustainable rate of growth in July than a major change in trend. This view is supported by the pattern of decline in August, with for example a particularly large decline in new ads in North Island regions outside Auckland and Wellington, where a big jump had been registered in July. Consistent with this interpretation the SEEK Employment Index - the ratio of new job ads placed with SEEK during the month to the number of applications for those jobs was flat for the month, but had risen by 3.3% over the past three months and was 23% higher than a year ago. As noted last month, there has been increasing evidence that the recovery in the New Zealand economy from the trough of the recession was, while continuing, becoming much more subdued. For example, in his statement on 29 July 1 the Governor of the Reserve Bank of New Zealand noted that the outlook for economic growth has softened somewhat. The SEEK indicators for August 1 confirm that view: growth in both indicators has continued over the recent months taken as a whole, but at a much more modest pace than earlier in the year. Figure 1A shows the moving three month percentage change in new job ads for both New Zealand and Australia. It demonstrates that the two economies have shown a common pattern of economic recovery after the global financial crisis a phase of rapid growth in new ads followed by more modest expansion in recent months but that Australian growth has been stronger than that of New Zealand in the consolidation phase of the past six months. This may reflect the powerful impact of the resources boom on the Australian economy, perhaps as well as the ongoing impact of a stronger fiscal stimulus. An important feature of the New Zealand data is the concentration of the recovery of job ads in the two major cities of Auckland and Wellington. As shown in Figure A2, over 63% of the increase in job ads in the year to August 1 was for jobs in Auckland, while 21% was for jobs in Wellington. By contrast only about 3% of all New Zealand jobs are in Auckland and about 13% in Wellington. For other regions in New Zealand, both in the rest of the North Island and in the South Island (Canterbury and South Island Other) the share of the annual increase in new jobs ads was well below the employment share. This regional difference in job ad performance over the past twelve months appears not so much to reflect the underlying state of regional labour markets as different cyclical patterns in the regions. Figure A3 suggests that labour markets in Auckland and Wellington have been much more pro-cyclical - falling in the recession but rising in the recovery than those in other parts of New Zealand. Relative to the pre-recession peak in February 8, new job ads in the two major cities fell much more rapidly that in other regions through to about August 9, but have since recovered more strongly. Professor Peter Sheehan Director, Centre for Strategic Economic Studies Victoria University

Feb-8 Apr-8 Jun-8 Aug-8 Oct-8 Dec-8 Feb-9 Apr-9 Jun-9 Aug-9 Oct-9 Dec-9 Feb-1 Apr-1 Jun-1 Aug-1 Sep-9 Oct-9 Nov-9 Dec-9 Jan-1 Feb-1 Mar-1 Apr-1 May- 1 Jun-1 Jul-1 Aug-1 Figure A1: Growth in SEEK New Job Ads and the SEEK Employment Index in New Zealand (moving threemonthly per cent change, seasonally adjusted) 18 16 14 12 1 8 6 4 2 NZ Australia Figure A2: Regional Contribution to Annual Growth in SEEK New Job Ads (July 9 to July 1) SIO CAN Employment (June-1) SEEK New Job Ads NIO WEL AUK 1 3 4 5 6 7 Contribution to national annual growth (%) Figure A3: New Job Ads by Region in New Zealand (February 8 = 1) 1 11 AUK WEL NIO CAN SIO NZ 1 9 8 7 6 5 4 3

The SEEK Employment Index The SEEK Employment Index is the first New Zealand indicator to measure labour market supply and compare this against labour market demand. Each monthly release includes two key indicators: 1. The SEEK Employment Index (SEEK EI), a dynamic snapshot of matching between the supply of jobseekers and demand for workers (i.e., the ratio of new job advertisements posted on the SEEK website to job applications for those SEEK job ads); and 2. Candidate Demand, as measured by new job advertisements posted on the SEEK website; These indicators provide useful insights into the dynamics of the New Zealand labour market. For further explanation on the applications of use please refer to the SEEK Employment Index launch document available at www.seek.co.nz Figure 1. SEEK Employment Index (January 2 = 1), seasonally adjusted 8 Tightening labour market 6 4 Trend Seas. Adj. Softening labour market Aug-6 Aug-7 Aug-8 Aug-9 Aug-1 The seasonally adjusted SEEK Employment Indicator (SEI) - the ratio of new job ads placed with SEEK during the month to the number of applications within the SEEK system for those jobs remained unchanged in August 1, following a 3.7% increase in July. The SEI is now 25.8% higher than the same month last year. Compared to the previous month, the SEI was slightly lower in Auckland (-.7%), following very strong growth of 7.2% in July. Regional North Island (3.6%) continued to record positive growth while Canterbury (.8%) and South Island - Other (14.4%) reversed the negative growth seen in July.

Figure 2. SEEK New Job Ads Index (January 2 = 1), seasonally adjusted 6 5 4 3 Aug-6 Aug-7 Aug-8 Aug-9 Aug-1 After a strong growth of 6.1% in July, the seasonally adjusted SEEK New Job Ads series fell 3.8% in August 1, the biggest drop since July 9. New job ads are 33.9% higher compared to those in August 9. All regions recorded changes that partly reversed the results reported in July. New job ads fell in Auckland (- 3.3%), Wellington (-4%), regional North Island (-8.8%) and regional South Island (-3.5%) but rose in Canterbury (2.9%). It seems that the South Island regions have persistently lagged behind the rest of the nation in the recovery phase. On annual terms, new job ads in Canterbury and the rest of South Island 12.1% and 15.9% higher than in August 9. These are by far the weakest regions in New Zealand. 1. Jobseeker Trends Top 5 most competitive occupations Top 5 occupations most in demand Industry Occupation Industry Occupation Call Centre/Cust. Service I.T. & T Administration Retail & Consumer Prods. Hospitality & Tourism Call Centre & Cust. Service Help Desk /Support Reception Retail: Sales Assistant Waiting Staff Legal Healthcare & Medical I.T. & T Retail & Consumer Prods. Sales Solicitor: Private Practice Allied Health Architect Management - Store New Business Development If you are looking for a place in one of these categories it is vital that you get a competitive edge and present yourself in the best light - the competition is fierce. Hundreds of applicants are received for each position advertised, making these SEEK s Top 5 most competitive occupations. The special group! If you are seeking for a place in these categories and you have the relevant skills and experience, you are lucky and highly sought after. Be it due to increasing demand or a critical shortage of specialised skills, these positions are the hardest to fill.

Regional Data The following charts illustrate the SEEK Employment Index by City and Region classified on the basis of the location of the advertiser, not necessarily by the locality of the position. Figure 3. SEEK Employment Index (January 2 = 1), seasonally adjusted AUK WEL 1 8 8 6 6 4 4 AUK N Z WEL N Z Aug-6 Aug-7 Aug-8 Aug-9 Aug-1 Aug-6 Aug-7 Aug-8 Aug-9 Aug-1 NIO CAN 8 8 6 6 4 4 NIO N Z CAN N Z Aug-6 Aug-7 Aug-8 Aug-9 Aug-1 Aug-6 Aug-7 Aug-8 Aug-9 Aug-1 8 SIO 6 4 SIO N Z Aug-6 Aug-7 Aug-8 Aug-9 Aug-1. SEE Note: AUK, WEL, NIO, CAN, SIO and NZ stand for Auckland, Wellington, North Island Other, Canterbury, South Island Other and New Zealand respectively. Since July 1, SEEK has redefined the South Island regions as Canterbury and South Island Other, previously composed of Christchurch and South Island Other.

K The SEEK The SEEK Employment Indicator Tables Table 1. SEEK Employment Index (SEI), Seasonally Adjusted (see Figure 1) Month EI Index Orig. EI Index SA Annual % Change Monthly % Change Aug-6 59.6 48.7-33. % -4. % Sep-6 61.5 48.1-3.2 % -1.3 % Oct-6 57.8 46.6-31.3 % -3. % Nov-6 57.3 49.4-24.2 % 6. % Dec-6 62.7 51. -18.3 % 3.1 % Jan-7 43.7 47.2-9.8 % -7.4 % Feb-7 52. 51.6-1. % 9.4 % Mar-7 56.2 52.9-2. % 2.5 % Apr-7 59.3 52.4 1. % -1. % May-7 6.7 51.1-5.8 % -2.5 % Jun-7 6.4 5.6-1.2 % -1. % Jul-7 6.4 49.9-1.8 % -1.5 % Aug-7 62.4 5.7 4. % 1.6 % Sep-7 65.9 5.8 5.7 %.3 % Oct-7 6.2 48.8 4.7 % -4. % Nov-7 58.6 49.9 1. % 2.2 % Dec-7 63.9 51.1.3 % 2.4 % Jan-8 5.6 53.7 13.9 % 5.2 % Feb-8 53.7 48.7-5.7 % -9.4 % Mar-8 52. 47.3-1.5 % -2.7 % Apr-8 54. 48.6-7.3 % 2.7 % May-8 55.3 46.4-9.2 % -4.5 % Jun-8 53.2 44.9-11.3 % -3.3 % Jul-8 45.1 38. -23.8 % -15.3 % Aug-8 46.1 37. -27. % -2.6 % Sep-8 44.2 34.7-31.8 % -6.3 % Oct-8 4.2 32.9-32.7 % -5.3 % Nov-8 36.6 3.6-38.7 % -7. % Dec-8 34.6 27.4-46.4 % -1.4 % Jan-9 21.6 22.9-57.4 % -16.5 % Feb-9.9.6-57.7 % -9.9 % Mar-9.5 18.9-6.1 % -8.2 % Apr-9.1 17.8-63.3 % -5.8 % May-9.3 16.9-63.6 % -5.1 % Jun-9 19. 16.1-64. % -4.5 % Jul-9.4 17.2-54.8 % 6.4 % Aug-9 22.2 17.5-52.6 % 2.2 % Sep-9 22.7 17.5-49.6 % -.4 % Oct-9 22.6 18.2-44.5 % 4.3 % Nov-9 22.4 18.8-38.6 % 3. % Dec-9 23.6 18.8-31.4 %.1 % Jan-1.1 21.1-7.7 % 12.4 % Feb-1 21.8 21.6 4.8 % 2.3 % Mar-1 23.1 21.7 14.6 %.4 % Apr-1 24. 21.6 21.1 % -.5 % May-1 25.4 21.4 26.6 % -.8 % Jun-1 24.6 21.3 31.8 % -.6 % Jul-1 27. 22.1 28.5 % 3.7 % Aug-1 28.4 22.1 25.8 %. % Note: Annual change is the percentage change from the same month in the previous year. Monthly change is the change from the previous month. Estimates are aggregates for New Zealand. Since July 1, SEEK has redefined the South Island regions as Canterbury and South Island Other. Previously, the South Island was composed of Christchurch and South Island Other.

Table 2. SEEK New Job Ads Index, Seasonally Adjusted (see Figure 2) Month Ads Index Orig. Ads Index SA Annual % Change Monthly % Change Aug-6 493. 424.8 14.3 % -1.2 % Sep-6 463.6 424.3 13.9 % -.1 % Oct-6 465.2 442.3 17.1 % 4.2 % Nov-6 47.7 467.9. % 5.8 % Dec-6 3.7 454.3 18.7 % -2.9 % Jan-7 473. 468. 18.2 % 3. % Feb-7 52.5 54.7 25.1 % 7.8 % Mar-7 596.8 528.9.6 % 4.8 % Apr-7 523.3 547.6 28.2 % 3.5 % May-7 644.4 538.2 24.3 % -1.7 % Jun-7 579.2 539. 23.4 %.1 % Jul-7 61.9 534.5 24.3 % -.8 % Aug-7 647.9 559. 31.6 % 4.6 % Sep-7 588.9 558. 31.5 % -.2 % Oct-7 622.1 569.2 28.7 % 2. % Nov-7 592.1 586.6 25.4 % 3.1 % Dec-7 41.5 566.4 24.7 % -3.4 % Jan-8 66.2 596.7 27.5 % 5.4 % Feb-8 623.6 66.1.1 % 1.6 % Mar-8 587.2 578.3 9.4 % -4.6 % Apr-8 63. 595.3 8.7 % 2.9 % May-8 659.1 571.1 6.1 % -4.1 % Jun-8 593.3 555. 3. % -2.8 % Jul-8 645.4 547.2 2.4 % -1.4 % Aug-8 569.1 527.2-5.7 % -3.6 % Sep-8 566.3 499.7-1.5 % -5.2 % Oct-8 51.7 456.5-19.8 % -8.6 % Nov-8 49.5 432.9-26.2 % -5.2 % Dec-8 32. 396.2-3.1 % -8.5 % Jan-9 366.5 371.5-37.7 % -6.2 % Feb-9 317.7 319.3-47.3 % -14.1 % Mar-9 328.1 291.9-49.5 % -8.6 % Apr-9 28. 274.9-53.8 % -5.8 % May-9 36.7 276.5-51.6 %.6 % Jun-9 282.9 257.6-53.6 % -6.9 % Jul-9 293.2 25. -54.3 % -3. % Aug-9 281. 261.5-5.4 % 4.6 % Sep-9 3.6 265.3-46.9 % 1.5 % Oct-9 313.5 294.1-35.6 % 1.8 % Nov-9 291.2 296. -31.6 %.6 % Dec-9 224.9 294.1-25.8 % -.6 % Jan-1 318.2 328.5-11.6 % 11.7 % Feb-1 331.7 333.4 4.4 % 1.5 % Mar-1 387.7 333.4 14.2 %. % Apr-1 35.3 343.5 24.9 % 3. % May-1 376.9 339.5 22.7 % -1.2 % Jun-1 376.9 343. 33.2 % 1. % Jul-1 4.1 363.8 45.5 % 6.1 % Aug-1 396.7 35.1 33.9 % -3.8 % Note: Annual change is the percentage change from the same month in the previous year. Monthly change is the change from the previous month. Estimates are aggregates for New Zealand. Since July 1, SEEK has redefined the South Island regions as Canterbury and South Island Other. Previously, the South Island was composed of Christchurch and South Island Other.

Table 3. SEEK New Jobs Ads Index by Region, Seasonally Adjusted Month AUK WEL NIO CAN SIO NZ Aug-6 45. 324.3 5.9 44.5 768.2 424.8 Sep-6 452.3 312.4 528.9 447.9 793.7 424.3 Oct-6 47.6 334. 558.7 459.3 714.3 442.3 Nov-6 497.6 347.9 59.6 476.8 92.5 467.9 Dec-6 489.1 328.8 587.6 451.1 81.2 454.3 Jan-7 491.5 344.5 631.3 496.5 92.9 468. Feb-7 521.2 382.3 653.5 562.9 111.5 54.7 Mar-7 55.4 398.4 684.4 587.7 149.4 528.9 Apr-7 562.6 48.3 74.1 655.5 146.1 547.6 May-7 551.9 47.3 736.4 594.2 1162.3 538.2 Jun-7 544.4 426.9 758.5 588.9 154.4 539. Jul-7 554.1 4.4 728.6 591.7 115.7 534.5 Aug-7 579.8 41.1 777.1 621.1 1124. 559. Sep-7 572.9 429.3 761.1 65.9 1114.6 558. Oct-7 585.7 437.6 84. 592.5 19.6 569.2 Nov-7 63.4 448.6 83.3 65.4 1189. 586.6 Dec-7 565.1 429.2 845.4 592.5 168.2 566.4 Jan-8 68.3 436. 868.6 676.1 1366.2 596.7 Feb-8 619.5 451.8 89.1 628.8 1414.6 66.1 Mar-8 582. 419.8 884.3 672.1 1363. 578.3 Apr-8 61. 424.6 866.9 72.4 1296. 595.3 May-8 576.8 425.7 843. 645.3 136.3 571.1 Jun-8 554.5 41.7 831.1 644.9 1397.3 555. Jul-8 539.6 41.6 821.4 656.4 1424.8 547.2 Aug-8 518. 389.5 84.9 617.6 1389.6 527.2 Sep-8 478.9 38.1 85.6 589.9 1281.1 499.7 Oct-8 438.4 348. 787.5 515.6 1187.4 456.5 Nov-8 4.9 34.7 734.9 541.1 1279.2 432.9 Dec-8 377.2 294.4 7.4 464.9 129.2 396.2 Jan-9 33.6 36.8 686.6 431.9 1223.2 371.5 Feb-9 281.6 256.4 67.5 41.3 146.1 319.3 Mar-9 259.5 215.2 581.5 375.9 152.5 291.9 Apr-9 244.9 195.9 562.1 362.3 985.2 274.9 May-9 238.8 211.9 559.4 383.4 939.3 276.5 Jun-9 227.8 189.8 511.8 347.8 899.2 257.6 Jul-9 224. 174.2 499.9 344.3 898.8 25. Aug-9 229.3 187.5 531.5 368.1 953.7 261.5 Sep-9 245.1 177.5 535.7 352. 864.1 265.3 Oct-9 268.4.3 588.5 385.5 156.1 294.1 Nov-9 265.1 211. 6.1 395. 16.9 296. Dec-9 267.7 6.3 586.7 385.6 982.1 294.1 Jan-1 38.7 218.1 635.4 421.5 114.3 328.5 Feb-1 32. 242.3 656.4 423.8 1122.8 333.4 Mar-1 31.5 236.3 618.8 46.2 1187.9 333.4 Apr-1 318.4 248. 638.2 425.6 1159.7 343.5 May-1 311.3 258.5 646.3 387.1 1116.1 339.5 Jun-1 316.4 255.9 631. 428.8 179.3 343. Jul-1 339.4 266. 714.1 41.3 1145.9 363.8 Aug-1 328.1 255.3 65.9 412.7 115.4 35.1 Note: Annual change is the percentage change from the same month in the previous year. Monthly change is the change from the previous month. AUK, WEL, NIO, CAN, SIO and NZ stand for Auckland, Wellington, North Island Other, Canterbury, South Island Other and New Zealand respectively. Since July 1, SEEK has redefined the South Island regions as Canterbury and South Island Other. Previously, the South Island was composed of Christchurch and South Island Other. Also, the state and national series are seasonally adjusted separately and, as a result, there may be some discrepancy between the national and the average of the state series.

Table 4. SEEK EI, by City and Region (see City and Regions charts) Month AUK WEL NIO CAN SIO NZ Aug-6 59. 33.2 34. 26.2 34.2 48.7 Sep-6 58.4 31.5 35.7 26.6 34.1 48.1 Oct-6 56.6 32.3 31.5 25. 34.1 46.6 Nov-6 6.9 33.8 34.9 22.4 4.5 49.4 Dec-6 62.2 34.9 37.1 24.5 46. 51. Jan-7 57.7 32.1 32.3 23.1 37.9 47.2 Feb-7 61.4 36.7 34.5 28.4 44.1 51.6 Mar-7 64.3 36.8 35.5 26.1 45.5 52.9 Apr-7 62.8 38.5 36. 26.3 4.8 52.4 May-7 61.1 36.6 35.4 26.3 37.9 51.1 Jun-7 6.3 37.8 34.6 24. 38.9 5.6 Jul-7 6.3 36.1 33.4 23.8 44.1 49.9 Aug-7 61.7 36.1 33.9 24.5 38.7 5.7 Sep-7 61.2 37.2 33.8 24.7 39. 5.8 Oct-7 58.3 36.7 35.6 22.3 37.7 48.8 Nov-7 58.3 41.1 34.1 24.1 44.5 49.9 Dec-7 58.9 4.3 37.7 24.9 43.4 51.1 Jan-8 62.7 41.9 38.2 27.6 47.3 53.7 Feb-8 57.8 37.1 31.8 24. 41.7 48.7 Mar-8 53.7 37.4 36. 26.7 44.5 47.3 Apr-8 56.1 38.2 34.4 28.2 42.8 48.6 May-8 52.9 37.8 34.4 25.2 4.7 46.4 Jun-8 51.4 35.7 33.3 22.7 43.4 44.9 Jul-8 43. 3.1 28.5.1 39.2 38. Aug-8 41.2 29.2 28.6 21.2 4.9 37. Sep-8 37.6 28.5 28.7 19.8 36.2 34.7 Oct-8 36. 26.6 26.4 18.1 33.9 32.9 Nov-8 32.7 24.9 25.4 17.2 31.2 3.6 Dec-8 29.9 22.4 24.6 13.6 3.4 27.4 Jan-9 23.7 19.2.7 12.5 21.2 22.9 Feb-9 21.1 17.4 19.2 11. 23.5.6 Mar-9 19.7 14.6 17.3 1.4 23.2 18.9 Apr-9 19.2 12.8 16.5 9.3 17.6 17.8 May-9 17.5 13.6 15.5 9. 18.3 16.9 Jun-9 17.1 11.8 14. 9.1 18.7 16.1 Jul-9 18.2 12.7 15.2 1.3 17.4 17.2 Aug-9 18.4 13.1 16.2 1. 18.2 17.5 Sep-9 19.2 12.6 14.9 9.5 19.2 17.5 Oct-9.3 13. 15.2 9.2 18.7 18.2 Nov-9.3 14.2 14.7 1.6 19.8 18.8 Dec-9.8 13.8 15.2 9.7 18. 18.8 Jan-1 23.9 15.8 16.2 1.3 22.9 21.1 Feb-1 23.4 17.4 17.3 11.2 21.9 21.6 Mar-1 24.2 17. 16.4 1.9 21.5 21.7 Apr-1 23.4 17.3 18.1 11.5 21.2 21.6 May-1 23.3 17.6 17.5 1.1 22. 21.4 Jun-1 23.1 18.3 17. 11.1 18.5 21.3 Jul-1 24.6 18.1 17.9 1.2 18. 22.1 Aug-1 24.4 18.2 18.6 1.3.6 22.1 Note: Annual change is the percentage change from the same month in the previous year. Monthly change is the change from the previous month. AUK, WEL, NIO, CAN, SIO and NZ stand for Auckland, Wellington, North Island Other, Canterbury, South Island Other and New Zealand respectively. Since July 1, SEEK has redefined the South Island regions as Canterbury and South Island Other. Previously, the South Island was composed of Christchurch and South Island Other. Also, the state and national series are seasonally adjusted separately and, as a result, there may be some discrepancy between the national and the average of the state series.

Technical notes on data series An explanation of the SEEK indicators are as follows: Advertiser an individual or organisation who has placed an advertisement on the SEEK website. SEEK charges advertisers to post an advertisement to the website. Application a response made to a job advertisement via the SEEK website through the Apply Now function, which sends responses directly to the advertiser. Duplicate Job Advertisement a job advertisement consisting of the same title and content as another advertisement posted to the SEEK website in the same month. This includes advertisements posted to different classifications (industry, occupation and location). Index a numerical scale used to compare variables with one another or with some reference number ( indexation point ). It illustrates relative changes in data over time. Industry defined as the SEEK industry classification in which the job advertisement was first placed, e.g. Accounting. SEEK industry classifications have been mapped to the ANZSIC industry codes. Job Advertisement a posting made to the SEEK website advertising a specific position of employment that is available to be filled. Jobseeker an individual who visits the SEEK website with the view to searching for a job opportunity. SEEK does not charge jobseekers to apply for jobs. Labour market demand a measure of the level and composition of employment that employers wish to engage at a given point in time; given current wage rates, output levels and other relevant factors. Labour market supply a measure of the number of people seeking new employment including those working or available for work. It reflects the availability and willingness of actual and potential employees to supply labour of a particular structure and composition, given wage rates and other working conditions. Linked-Out Job Advertisement a job advertisement that requires applications to be lodged via a third-party website. The SEEK database does not record application volumes for linked-out advertisements. Location defined as the SEEK location classification in which the job advertisement was first placed, e.g. Auckland. Locations are broken down into major cities and non-metropolitan regions. Since July 1, SEEK has redefined the South Island regions as Canterbury and South Island Other. Previously, the South Island was composed of Christchurch and South Island Other. Thus, prior to July 1 the Canterbury series are identical to those of Christchurch, as in past estimates. New Job Ads this is the number of new job ads posted on seek.co.nz in that month. The series is adjusted to ensure that multiple postings count as only one ad. Multiple postings occur when an ad is posted several times across several classifications or when a client cancels and re-posts the same ad within the same month. Occupation defined as the SEEK occupation classification in which the job advertisement was first placed, e.g. Payroll. There are over 3 SEEK occupational categories. Seasonal Adjustment Seasonal adjustment was carried out by the SEATS/TRAMO model developed by the Bank of Spain. The model employs signal extraction techniques to account for Easter, working day and holiday effects. Also, each month the above model is reestimated using the full data set available to that month. Thus, historical seasonally adjusted data may vary slightly from month to month, as revised seasonal factors are applied to the fixed original data. Note also that in order to account for regional diversity and to arrive at more robust adjustments for the national series, the regional and national series are adjusted separately and, thus, there may be some discrepancy between the national and the average of the regional series from time to time. SEEK Employment Index (SEI) this is the number of new job ads posted on SEEK per applications received. Here, the New Job series is net of Linked Out job advertisements: ads channelled outside the SEEK website and for which applications are lodged directly with a third party. New job ad series are for full-month while the application series is defined as the number of applications made on SEEK in the current month and 7 days into the next month for new jobs posted. Disclaimer This document may not be reproduced, distributed or published by any recipient for any purpose. Under no circumstances is this document to be used or considered to be an offer to sell, or to be soliciting an offer to buy. The information and any opinions contained in this document have been obtained from and are based upon, sources that are believed to be reliable. The views expressed in this document accurately reflect the authors personal views. The authors make no representation as to the accuracy or completeness of the information and/or opinions and neither the information nor the opinions should be relied upon as such. All opinions and estimates contained in this document reflect the authors judgments on the date of this document and may change without notice from time to time. The authors compensation, remuneration or any money paid to the authors for production of this document was in no way, and never will be directly or indirectly related to specific recommendations, views or opinions expressed about any matter contained in this document. The Centre for Strategic Economic Studies and Victoria University disclaim any responsibility, and shall not be liable for data provided by SEEK Limited and market analysis based on these data. 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