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

 


NZ jobless rate reaches 13-year high 7.3%; kiwi tumbles

NZ jobless rate reaches 13-year high 7.3% as jobs shrink; kiwi tumbles

By Paul McBeth

Nov 8 (BusinessDesk) - New Zealand's unemployment rate unexpectedly rose to a 13-year high as the pool of jobs shrank for a second straight quarter with a flat labour market in Auckland and fewer full-time workers. The kiwi dollar tumbled about half a US cent.

The unemployment rate rose half a percentage point to 7.3 percent in the September quarter, the highest level since June 1999, according to Statistics New Zealand's household labour force survey. Economists surveyed by Reuters were picking a 0.1 percentage point fall to 6.7 percent.

The number of people employed fell 0.4 percent to 2.22 million in its second quarterly decline, while the participation rate was unchanged at 68.4 percent.

"The unemployment rate has stayed between 6.4 percent and 6.8 percent over the past two years, and has now risen for the third quarter in a row," industry and labour statistics manager Diane Ramsay said in a statement.

The New Zealand dollar dropped to 81.93 US cents after the figures were released, from 82.56 cents immediately before.

New Zealand's labour market has been struggling to recover from the nation's deepest recession in two decades, with employers more keen on taking on part-timers and casual staff than hiring permanent full-time workers.

Just today, Dynamic Solutions of Christchurch said it will shed 40-60 jobs as it winds down its contract manufacturing business.

Auckland's unemployment rate rose 1.3 percentage points to 8.6 percent, with the number of people employed in New Zealand's biggest city at 691,200, the fewest since June last year.

Full-time employment shrank 0.8 percent to 1.7 million while part-timers rose 1.4 percent to 519,000.

The number of jobless people, which includes people who might not be actively seeking work, rose to 294,900 from 271,200, while underemployment, which counts people who are part-time but want to work more hours, rose to 113,300 from 109,500.

Workers in professional, scientific, technical, administrative and support services recorded the biggest decline in jobs, falling to 249,400 from 259,300 in the June quarter, while manufacturing shed 6,100 jobs to 240,400. The number of people working in construction fell to 166,600 from 171,300.

Total hours worked shrank 0.8 percent to a seasonally adjusted 73.18 million and were down 2 percent from a year earlier.

Youths aged 15 to 24 not in employment, education or training (NEET), a target demographic for the government, rose to 13.4 percent from 13.1 percent in the June quarter.

Canterbury's labour market continued to improve, with the unemployment rate down 5.2 percent, from 6.5 percent in the June quarter. Waikato and the Tasman, Nelson, Marlborough, West Coast regions were the only other areas to show a lower jobless rate.

Northland recorded the highest unemployment rate at 10 percent.

Today's figures come after the quarterly employment survey showed total filled jobs rose 0.3 percent to a seasonally adjusted 1.715 million, bolstered by a pick-up in part-time workers and a decline in full-time equivalents to 1.35 million.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news