Defying all forecasts, unemployment fell from 7.2% to 6% in the March quarter, according to Statistics New Zealand ‘s Household Labour Force Survey.The consensus market forecast was for a small rise to 7.3%.The fall is the largest since the survey b
Defying all forecasts, unemployment fell from 7.2% to 6% in the March quarter, according to Statistics New Zealand ‘s Household Labour Force Survey.
The consensus market forecast was for a small rise to 7.3%.
The fall is the largest since the survey began in March 1986.
The numbers unemployed fell 25,000 in the quater, while the numbers in work grew 22,000.
The change also defies the normal seasonal trend, which is for the March quarter to feature a drop in the number of people in seasonal agricultural work.
The drop is the first since December 2007.
On an industry basis, the largest increases were in manufacturing, where the numbers of employed grew by 9.2%, and wholesale trade, where the numbers grew by 4.1%.
Even agriculture grew slightly – by 1.2% - despite the normal seasonal drop off.
