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”.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news