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

 


Jobless at 7.3 percent - September 2012 Quarter


Jobless at 7.3 percent - September 2012 Quarter

The latest Household Labour Force Survey has shown a 0.5 percentage point increase in the unemployment rate, to 7.3 percent seasonally corrected (actual 7.2%) in the September 2012 quarter; the highest since 1999.

The number of people unemployed rose by 13,000, while the labour force participation rate remained unchanged.

NZMEA Chief Executive John Walley says, “This shock is no real surprise to manufacturers and exporters. The Government and Reserve Bank continue to see economic strength where we see none – they need to get out more”.

The high exchange rate has fuelled job losses in the manufacturing and export sectors ruining their ability to compete in world markets. Two companies, Dynamic Controls and Rakon Ltd recently announced potential combined job losses of up to 120 people. Rakon outlined plans to shift part of its production overseas in response to the overvalued and volatile New Zealand Dollar, and Dynamic Controls are losing volume and profitability for the same reason. Their departure will have flow on effects to the wider supply chain; applying new pressures on other New Zealand firms. These will be reflected in the December 2012 quarter.

“Any claim that ‘there no crisis’ is now pretty hollow. On the news that Australia is quietly printing money, New Zealand becomes lucky last on the broadening of monetary policy. How long will Government and the Reserve Bank ignore the changing global context?”

“The first step in fixing a problem is to admit a problem exists. We will have to face this sooner or later, the longer it takes the more damage will have been done”.

“Jobs in manufacturing and exporting have a high value to the economy, the on-going defence of the status quo; the ‘what crisis’ mind-set is hard to comprehend”.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Power Outages, Roads Close: Easter Storm Moving Down Country

The NZ Transport Agency says storm conditions at the start of the Easter break are making driving hazardous in Auckland and Northland and it advises people extreme care is needed on the regions’ state highways and roads... More>>

ALSO:

Houses (& Tobacco) Lead Inflation: CPI Up 0.3% In March Quarter

The consumers price index (CPI) rose 0.3 percent in the March 2014 quarter, Statistics New Zealand said today. Higher tobacco and housing prices were partly countered by seasonally cheaper international air fares, vegetables, and package holidays. More>>

ALSO:

Notoriously Reliable Predictions: Budget To Show Rise In Full-Time Income To 2018: English

This year’s Budget will forecast wage increases through to 2018 amounting to a $10,500 a year increase in average full time earnings over six years to $62,200 a year, says Finance Minister Bill English in a speech urging voters not to “put all of this at risk” by changing the government. More>>

ALSO:

Prices Up, Volume Down: March NZ House Sales Drop 10% As Loan Curbs Bite

New Zealand house sales dropped 10 percent in March from a year earlier as the Reserve Bank’s restrictions on low-equity mortgages continue to weigh on sales of cheaper property. More>>

ALSO:

Scoop Business: Chorus To Appeal Copper Pricing Judgment

Chorus will appeal a High Court ruling upholding the Commerce Commission’s determination setting the regulated prices on the telecommunications network operator’s copper lines. More>>

ALSO:

Earlier:

Cars: Precautionary Recalls Announced For Toyota Vehicles

Toyota advises that a number of its New Zealand vehicles are affected by a series of precautionary global recalls. Toyota New Zealand General Manager Customer Services Spencer Morris stressed that the recalls are precautionary. More>>

ALSO:

'Gardening Club': Air Freight Cartel Nets Almost $12 Million In Penalties

The High Court in Auckland has today ordered Swiss company Kuehne + Nagel International AG to pay a penalty of $3.1 million plus costs for breaches of the Commerce Act. Kuehne + Nagel’s penalty brings the total penalties ordered in this case to $11.95 million ... More>>

ALSO:

Crown Accounts: Revenue Below Projections

Core Crown tax revenue has increased by $1.9 billion (or 5.0%) compared to the same time last year. However this was $1.1 billion less than expected and is reflected across most tax types, continuing the pattern of recent months. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news