New Zealand small business sales decline but jobs rise in May – report

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“These higher salaries help small businesses attract more staff in a very tight job market.”

Data showed wages for small businesses rose 5.3% year-on-year last month, the fastest growth since 2017. In Australia, wage growth fell to 3.7% in May, from 4.3% the previous month.

Businesses in professional services (9.5%), manufacturing (6.7%) and construction (5.9%) all recorded strong employment growth.

But hospitality positions fell 6.7%, reflecting a lack of international workers, Nicholls said.

Also on the negative side, small business sales activity in New Zealand was down from last month and only 5.7% more than a year ago – the smallest increase since September.

“The weakest industry was professional services, where sales actually fell 0.5% year over year,” Nicholls said. “Hospitality sales were up just 0.6% year-over-year, and retail saw just 2.9% year-on-year sales growth. on the other.”

Hudson said these weaknesses resulted from people changing their spending habits and moving away from discretionary spending.

As inflation continued to bite, sales would likely remain negative, he said.

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