6 May 2015

Strong Job Growth Continues

The latest Household Labour Force Survey shows ongoing job growth in the New Zealand economy, while a record labour market participation rate kept the unemployment level steady at 5.8% in the March quarter.
Today’s HLFS shows the number of people employed grew 16,000 in the March quarter and 74,000 over the year. The participation rate was the highest ever recorded for New Zealand, at 69.6%.

“It is encouraging to see strong job growth continuing” Tertiary Education, Skills and Employment Minister Steven Joyce says. “We have seen job growth in 16 out of the last 17 quarters, and job growth is running ahead of Treasury predictions.”

“In Budget 2011 Treasury forecast 171,000 more jobs in the four and a half years to June 2015. The current figure of 194,000 is 23,000 more than that target, with one quarter still to run.”

The Quarterly Employment Survey, also released today, shows that hourly wages continue to increase ahead of the cost of living. Average hourly earnings are up 2.1% over the last year, compared with a consumer price index increase of just 0.1 per cent.

Other notable elements from the labour market data released today include:

The South Island unemployment rate has dropped to 3.6%, nearly half of the North Island unemployment rate of 6.9%

There has substantial growth in Pasifika employment over the last year, with 17,500 more Pasifika people employed at the end of March than one year ago
Job growth over the past year is broad-based across industry sectors with 15,900 more jobs in manufacturing, 23,300 more in construction, and 13,900 more in retail, accommodation and food services

The number of hours worked grew strongly, up 1.4% in the March quarter

“It is good to see a continuing and robust recovery in the New Zealand employment market.” Mr Joyce said.

“While there is more work to do, the Business Growth Agenda and the Government’s wider economic programme are providing businesses across New Zealand with the ongoing confidence to invest more and grow jobs.”

ends

© Scoop Media