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

 

Media: Julian Wilcox Leaves Māori TV

Māori Television has confirmed the resignation of Head of News and Production Julian Wilcox. Mr Maxwell acknowledged Mr Wilcox’s significant contribution to Māori Television since joining the organisation in 2004. More>>

ALSO:

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

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