Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Unemployment Rate Falls to 3.7 Percent


Unemployment Rate Falls to 3.7 Percent

The seasonally adjusted Household Labour Force Survey (HLFS) results for the June 2005 quarter show a continuation of the tight labour market conditions experienced at the end of 2004, Statistics New Zealand said today. The number of people employed rose and unemployment decreased, resulting in a reduction of 0.2 of a percentage point in the unemployment rate to 3.7 percent. New Zealand now has the lowest unemployment rate within the group of OECD countries that have standardised unemployment rates.

While both male and female employment rose, most of the overall movement was due to an increase in female employment, which was driven by a rise in female full-time employment. The increase in total full-time employment is reflected in the 2.9 percent increase in actual hours worked. There was very little movement in part-time employment levels.

The working-age population increased by 8,400 in the June 2005 quarter (0.3 percent) but growth continues to slow, both on a quarterly and an annual basis. This is reinforced by a slowing in net gains from permanent and long term migration. The total labour force also grew by 0.3 percent while the number of people not in the labour force increased by 0.1 percent. This resulted in a slight increase (0.1 of a percentage point) in the labour force participation rate to 67.7 percent which, with the December 2004 quarter, is the equal highest rate recorded.

In summary, the gradual slowing of growth in the working-age population, combined with the continuing growth in employment, indicates a further reduction in the capacity of the labour market to meet employers' demand for labour. Meanwhile, employment is at the highest level recorded by the HLFS and the unemployment rate is the second lowest rate recorded.

Brian Pink

Government Statistician

END

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news