Unemployment flat, slight rise in hours worked
Unemployment remained at 6.5% of the workforce in the June quarter, while the numbers in employment rose by 1000.
Unemployment remained at 6.5% of the workforce in the June quarter, while the numbers in employment rose by 1000.
This was in line with economists’ forecasts, although there was an unusually wide range in those forecasts, between 6.3% and 6.9%.
The one sign of a pick up in the labour market - something both private sector economists and the Reserve Bank are watching for – is the number of hourse worked, which rose 1.6%.
The annual, unadjusted figures, released by Statistics New Zealand today as part of its household labour force survey, show a slightly better picture, with the numbers in employment rising by 42,700, or 2% - the largest annual increase since the end of the mid-decade boom/bubble in December 2007.
There is also strong annual growth in self-employment – up 10.1% or 22,600, but this is often a feature of economic downturns, as people who are laid off turn to contracting or some other form of self-employment.
By industry, the largest growth areas were education and training, and arts recreation and other services, both of which saw rises of just under 1000.
The main falls were retail trade and accommodation – down 2200 – and manufacturing, - down by 730.
Rob Hosking
Thu, 04 Aug 2011
Thu, 04 Aug 2011
© All content copyright NBR. Do not reproduce in any form without permission, even if you have a paid subscription.
Unemployment flat, slight rise in hours worked
16199