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6.5% uemployment relatively low internationally

Media release
Newmarket Business Association
Thursday, 5 November 2009

6.5% uemployment rate still relatively low internationally

The 6.5% unemployment rate announced by Statistics New Zealand today is a concern, but it needs to be kept perspective. In many cases it’s much worse overseas,” says Cameron Brewer, chief executive of the Newmarket Business Association.

“Let’s not forget that unemployment is hitting 10% in the United States, many European countries are in double figures, and it’s about 8% in the UK.

“New Zealand's unemployment rate may have reached a nine-year high but unemployment in the US has hit a 26-year high. We haven’t seen the lay offs that they’ve seen throughout the UK, Europe, and in the United States.

“New Zealand’s unemployment rate is still relatively low in an international context. What’s more, it’s no where near the 11.1% recorded in New Zealand for the March quarter of 1992."

Mr Brewer says the relatively resilient Kiwi employment market has meant retail in New Zealand has not gone into freefall, unlike the US and UK which have reported shocking retail spending statistics over the past 18 months.

ENDS

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