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Unemployment figures due out on Friday are expected by some economists to hit a low of 3.5 per cent. That would be a better rate than the present record-holder, South Korea, and the best of any developed country.
Unemployment is at present 3.8 per cent, the lowest rate since late 1985. New Zealand is already far better than Australia, which has a rate of 5.7 per cent.
Staff recruitment is becoming harder, according to recent business opinion surveys. Economists say if companies keep hiring as the surveys suggest, job numbers could continue to grow for the next six months.
"Unemployment could threaten 3 per cent," Bank of New Zealand economists say.
Labour cost index figures out today are expected to show mild wage inflation of 2.2 per cent in the past year. Another set of figures, the quarterly employment survey, is expected to show private sector ordinary-time hourly wages to be up slightly to 3.7 per cent in the past year.
Originally posted by GlobalDisorder
And on a final note, there are more sheep in Aus than in NZ : )
The unemployment rate tumbled to a 20-year low of 3.6 per cent in the December quarter, according to Statistics New Zealand (SNZ) today.
The rate was 3.8 per cent in the September quarter. SNZ said New Zealand now had the lowest rate in the Organisation for Economic Co-operation and Development (OECD) club of rich nations, overtaking South Korea.
The figure is the lowest since SNZ began compiling the Household Labour Force Survey 18 years ago. However, New Zealand Institute of Economic Research data going back 50 years shows the rate is the lowest since September 1985.
The low unemployment rate was fuelled by strong jobs growth – up 1.6 per cent in the quarter. That is the strongest job growth in any quarter since the series was calculated.
Originally posted by scatter
I've heard there are more N.Zers in Australia than in New Zealand itself.
MORE Australians left our shores to live overseas than ever last year, many of them skilled workers, including more than 1900 teachers and 800 nurses. Official figures released yesterday showed a record 59,078 people departed Australia permanently during 2003/4.
The Department of Immigration report also reveals that New Zealanders who have been living in Australia for many years are the largest group of people going home, accounting for 23.6 per cent of departures, followed by the UK-born (15.4 per cent). Asian-born and Europe-born accounted for around 36.5 and 10.3 per cent of overseas-born departures, respectively.