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‘Not Great but Better than It Looks’ - Economists See Bright Spots in Today’s Unemployment Rise
Unemployment reached 5.4 percent with 165,000 unemployed and 15,000 jobs added, while wage growth slowed to 2 percent amid a weak economy, Stats NZ reported.
- In the three months ended December, Stats NZ reported unemployment rose to 5.4 percent, the highest since March 2015, with 165,000 people unemployed.
- Weak economic conditions prompted businesses and employers to sack staff or stop hiring while workforce growth continued, with 20,000 women joining despite a migration slowdown.
- Key indicators reveal underutilisation rate 13 percent, youth unemployment 16.5 percent, total not in education or training 13.7 percent, and broad measure of wages slowed to 2 percent.
- The data was worse than economists forecast and was above Reserve Bank of New Zealand forecasts, supporting the decision to hold the official cash rate at 2.25 percent later this month.
- Despite quarterly gains, the number employed increased by about 15,000, yet the economy still had more than 30,000 fewer jobs than two years ago, Jason Attewell said.
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Total News Sources13
Leaning Left1Leaning Right0Center3Last UpdatedBias Distribution75% Center
Bias Distribution
- 75% of the sources are Center
75% Center
L 25%
C 75%
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