Record NZ part-time jobs make up for fall in full-timers 3 May 2012
- Dairy prices way below 'fair' value, must rebound: Spierings Business
- NZ dollar heads for 0.9% weekly drop Business
- Minister to attend TPP Ministers’ Meeting News
- Dorchester closes oversubscribed $30M capital raise Business
- NZX says it doesn't know why shares have declined Business
- Sky TV to launch $20/month subscription ondemand service Business
- Cavalier shares drop 10% after profit warning Business
- MARKET CLOSE: NZX 50 rises to record, led by Sky TV on rugby Business
- Sky TV sees annual profit gain of up to 8.6% in 2015 Business
- Heartland NZ chief risk officer resigns Business
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.
24 Oct 2014 News
Ottawa resident says shock turning to anger and hard questions being asked about how gunman got so far. A New Zealander in Ottawa was... more
24 Oct 2014 Business News
By Fiona Rotherham Oct. 24 (BusinessDesk) - Sky Network Television, the country's dominant pay-TV operator, will launch a new $20 a... more
24 Oct 2014 Food & Wine
Fresh from two consecutive MKR People's Choice Challenge wins, Neena and Belinda favour wholesome and earthy flavours and aim to... more
24 Oct 2014 Lifestyle
New Zealand comedians Guy Montgomery (Billy T winner, 7 Days) and Tim Batt (Radio Hauraki, 7 Days) have broken the world record... more
24 Oct 2014 Property
Aucklanders living in the ‘hottest suburbs’ could be the big losers, while businesses will come out winners Rate rises... more
15 Oct 2014 Property
The Resource Management Act needs to explicitly recognise the importance of New Zealanders’ access to more affordable housing... more
24 Oct 2014 Migration
New Zealand has been named the best place to raise a child in the Raising Children Abroad annual league table. According to the HSBC... more
24 Oct 2014 Travel & Tourism
Giving flyers an Unexpected Journey! Elijah Wood and Sir Peter Jackson star in 'epic' Hobbit themed Air New Zealand safety video Air... more
25 Oct 2014 Sport
The Black Sticks Women have won 1-0 against the USA, setting up a series decider in the final test tomorrow at the Trust House... more
24 Oct 2014 Rugby
Scotland coach Vern Cotter clears out old guard and makes Grant Gilchrist captain for November Test series No place for Barclay,... more
24 Oct 2014 Opinion
After all the delays and stonewalling, the St James finally looks to have a future, even if it’s not clear what it will be Let's... more
23 Oct 2014 Opinion
Gordon Campbell on the tokenism of New Zealand‘s role against Islamic State Was John Key born lucky or what? Political... more
24 Oct 2014 People
Veteran weathercaster Jim Hickey has announced his retirement today, saying is was a tough decision. "I feel like I'm subbing off at... more
24 Oct 2014 Recruitment
New Zealand paramedics are being poached by Britain's busiest ambulance service. Interviews were held in Auckland on Friday and... more