Record NZ part-time jobs make up for fall in full-timers 3 May 2012
- MARKET CLOSE: NZ shares fall led by Telecom Business
- NZ dollar holds near 7-week low as US GDP, FOMC loom Business
- Trade Me tweaks real estate listing fee to placate agents Business
- Labour announces unemployment policy News
- High house build rate welcomed News
- Time to lift unliveable wage rates News
- Auckland Airport may value land as high as $2.7 billion Business
- MOU signed to improve agency cooperation News
- Unite Union welcomes Labour Party increase to minimum wage News
- Public servants welcome Labour’s living wage announcement News
New Zealand's employment growth in the first three months of the year was all in part-time positions, which rose to a record and picked up the slack from a decline in the number of full-time jobs.
The number of part-time positions climbed 2.5 percent to 531,000 in the three months ended March 31, following a 3.2 percent gain in the December quarter, according to Statistics New Zealand. On an annual basis, part-time positions rose 5.4 percent
At the same time, full-time jobs fell 0.2 percent in the March quarter to 1.7 million, the lowest level since September 2010, for an annual decline of 0.3 percent. The level of underemployment, which is part-time workers who would like to work more hours, rose by 2,500 to 107,600 people, or 4.5 percent of the labour force wanting more hours. Seasonally adjusted hours worked in the quarter rose 0.1 percent to 73.88 million in the quarter.
"This fall in hours worked has coincided with a decline in full-time employment and a corresponding increase in part-time employment," Jane Turner, economist at ASB, said in a note. "This suggests that activity may be underperforming businesses expectations, and has resulted in reducing staff hours."
The headline figure showed an increase in the unemployment rate to 6.7 percent in the March quarter from a revised 6.4 percent in the prior period, as the number of people looking for work swelled. The participation rate climbed to 68.8 percent from 68.2 percent, beating the 68.3 percent forecast by economists in a Reuters survey.
Felix Delbruck, senior economist at Westpac Banking, said the figures were "unambiguously soft" with the jobless rate well ahead of the Reserve Bank's 6.3 percent forecast.
"It adds to the suite of data that's been lower than what the Reserve Bank expected," Delbruck said. "We're not expecting them to hike rates before March 2013."
Traders have increased their bets that the central bank may yet cut the official cash rate from a record-low 2.5 percent, with 16 basis points of reductions priced in over the coming 12 months, according to the Overnight Index Swap curve.
The one-year swap rate dropped 10 basis points to 2.53 percent, the lowest since Nov. 28, and has shed 22 basis points in the past fortnight.
Westpac's Delbruck said the local jobs market is a "divided picture" with male-dominated industries, such as construction, set to benefit on the back of the Canterbury rebuild. At the same time, there's been a drop-off in female-dominated sectors, such as health and education and retail services.
Unemployment among women was 7.1 percent in the March quarter, the highest rate since December 2009. The last time it was higher was in December 1998. Male unemployment was 6.3 percent.
30 Jul 2014 Politics
Labour’s intention to increase the minimum wage to two-thirds of the average wage would hurt business, cost jobs and reduce ... more
28 Jul 2014 Business News
Customs Minister Nicky Wagner today welcomed the Joint Border Management System reaching another milestone. More than 50 per cent ... more
25 Jul 2014 Business News
Article - BusinessDesk Auckland Airport cuts fine deal in US$250M bond issue By Paul McBeth Jul. 25 (BusinessDesk) - Auckland... more
28 Jul 2014 Lifestyle
The new-look Mana magazine includes a story on Hollywood star and Rotorua local, Cliff Curtis. The famously versatile actor talks... more
23 Jul 2014 Entertainment
New Zealand Film Commission New Zealand Film 'The Dead Lands' to Have Toronto World Premiere Maori action epic The Dead Lands will... more
14 Jul 2014 Property
July 14 (BusinessDesk) - New Zealand house sales fell in June from a year earlier, led by properties of $400,000 or less, indicating... more
11 Jul 2014 Migration
If you’re in the UK on a Tier 1 (General) visa, you’ll need to apply for an extension as soon as possible. The deadline... more
29 Jul 2014 Travel & Tourism
27 Jul 2014 West Ham United may have endured a torrid time on the pitch during their time in New Zealand for the Football United... more
30 Jul 2014 Commonwealth Games
Auckland swimmer Lauren Boyle bounced back from last night’s disappointment to win the women’s 400m freestyle gold medal... more
24 Jul 2014 Opinion
One of the selling points in New Zealand’s campaign for a temporary seat on the Security Council is that we have a pluckily... more
23 Jul 2014 Appointments
New Zealand Government Appointments to Public Trust Board Justice Minister Judith Collins today announced the appointment of ... more
23 Jul 2014 Appointments
Commerce Minister Craig Foss today announced four reappointments to various independent Crown entities and statutory... more
30 Jul 2014 Recruitment
Health Minister Tony Ryall has announced the government will fund up to 200 additional training places for nurse graduates next... more