Quarterly Labour Market Report Released

6 September 2012

Quarterly Labour Market Report Released

The latest employment forecasts are outlined in the Quarterly Labour Market Report released by the Ministry of Business, Innovation and Employment (MBIE) today.

Head of the Labour and Immigration Research Centre Vasantha Krishnan said the research report combines the ministry’s labour market monitoring and the latest developments in the labour market into a picture of trends for the quarter.

As well as the latest MBIE employment forecasts, the Quarterly Labour Market Report: September 2012 also gives insights into employment trends by industry and region, labour supply and participation, matching supply and demand, and a section on the Canterbury labour market.

“As the report notes, the labour market continues to be affected by the recovery from the recession but the Ministry expects employment growth to strengthen as the economy recovers,’’ Ms Krishnan says.

“We are projecting annual employment growth of 1.8 percent in 2013 and 2.1 percent in 2014 (March years). Unemployment is forecast to decrease from 6.8 percent currently to 6.2 percent in March 2013 and 5.9 percent in March 2014.”

The performance of New Zealand’s labour market is closely connected with the shape of the recovery, as experienced with previous recessions and recoveries.

“New Zealand has not had a jobless recovery and given the weak pace of the current economic recovery, employment growth looks strong compared to the 1997/98 experience,” Ms Krishnan says.

The Quarterly Labour Market Report can be accessed here.

The Department of Labour is now the Labour Group of the Ministry of Business, Innovation and Employment (MBIE). Established on July 1, 2012, MBIE develops and delivers policy, services, advice and regulation for businesses to support economic growth and the prosperity and wellbeing of New Zealanders.

ENDS

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