Employment growth continuing

Labour market data out today continues a trend of growing employment as the economy recovers, Tertiary Education, Skills and Employment Minister Steven Joyce says.

Under the Household Labour Force Survey, employment growth was up by 0.4 per cent in the quarter and 0.7 per cent in the year to June; while unemployment rose 0.2 per cent in the quarter to 6.4 per cent.

The Quarterly Employment Survey, also released today, showed an extra 65,400 jobs in the economy over the last two years.

“The results follow news the economy grew 2.4 per cent in the year to March,” Mr Joyce says.

“While unemployment grew slightly in the quarter, it remains below the 6.8 per cent of a year ago. The annual trend is of an improving overall labour market across the country.

“The unemployment rate for the North Island is 6.7 per cent at the end of June while the unemployment rate for the South Island is 4.8 per cent.

“Results also show 6000 more young people are studying this quarter with the number of youth not in employment, education or training (NEET) falling to the lowest level since the beginning of the Global Financial Crisis.”

ANZ’s Business Outlook survey for July confirmed that overall business confidence increased three further points in the month, with a net 53 percent of respondents expecting better times ahead. This is the highest level of business confidence since April 1999.

“Through our Business Growth Agenda, the National-led Government is encouraging more investment in New Zealand as we know that nothing creates jobs and boosts incomes for Kiwi families better than business growth and investment,” Mr Joyce says.
ends

© Scoop Media