Minor drop in unemployment - Stats NZ
New Zealand's seasonally adjusted unemployment rate fell slightly to 6.6% (from 6.7%) in the three months to the end of March.
New Zealand's seasonally adjusted unemployment rate fell by 0.1 percentage points to 6.6% in the three months to the end of March.
The number of unemployed fell by 2,000 (1.4%) to 155,000, Statistics New Zealand said today.
The female unemployment rate remained at 7.0% while the male unemployment rate fell to 6.2%.
Seasonally adjusted total employment rose by 30,000 (1.4 %) in the three months to March, with increases in both full-time and part-time employment. Employment rose for both males and females.
This rise in employment was primarily due to a rise in the number of people working part-time, Statistics NZ said.
On an annual basis, employment has grown by 39,000 – with equal growth in male and female employment. Contributing to this was an increase in the number of self-employed people during the year.
"There has also been a steady rise in trend employment since the September 2009 quarter. Together, these results indicate signs of continued strengthening in the labour market," labour market statistics
manager Diane Ramsay said.
JP Morgan strategist Helen Kevans responded to the data saying she expects the recovery in the labour market this year to be gradual.
"Indeed, in the most recent NBNZ survey, a net 6% of respondents expected to hire staff going forward, a turnaround from the net 3% expecting to shed staff in the last survey. Fewer respondents (a net 23%) now expect the unemployment rate to rise," Ms Kevan said.
"We expect the unemployment rate will edge lower, albeit at a very slow pace over the next year, to approach 6% by mid-2012."
NBR staff
Thu, 05 May 2011
Thu, 05 May 2011
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Minor drop in unemployment - Stats NZ
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