Record NZ part-time jobs make up for fall in full-timers 3 May 2012
- Fonterra nominates Shadbolt for shareholders' fund manager Business
- BurgerFuel flags US entry, five more Australian outlets Business
- Joyce to focus on R&D spending, skilled workers, exports Business
- Dotcom loses bid to keep assets from Hollywood studios Business
- ATC New Zealand celebrates 30 years News
- NZ consumer confidence slips to 12-month low in October Business
- UPDATE: NZ Dollar Outlook: Kiwi may decline on weak CPI Business
- UPDATED: Aquila Capital, MyFarm JV sees 6%-plus returns Business
- NZ Dollar Outlook: Kiwi may decline on weak inflation Business
- Quattro RE puts NZ property portfolio float on hold 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.
19 Oct 2014 Politics
New Zealand Labour Party Labour Names Review Team Labour’s New Zealand Council has appointed Bryan Gould as Convenor of its ... more
18 Oct 2014 News
The Nation Lisa Owen interviews RSA President BJ Clark and tech innovator Ian Taylor about changing the NZ flag Lisa Owen: Welcome... more
17 Oct 2014 Business News
Oct. 17 (BusinessDesk) - New Zealand needs to lift its retirement age and take advantage of an adaptable workforce before it gets... more
16 Oct 2014 Food & Wine
New Zealand’s organic wine industry has scored a major export victory with the announcement that the European Commission... more
15 Oct 2014 Property
The Resource Management Act needs to explicitly recognise the importance of New Zealanders’ access to more affordable housing... more
30 Sep 2014 Migration
There are thousands of expats living in the UK who are aiming for permanent residency status and, eventually, a British passport. But... more
10 Oct 2014 Travel & Tourism
By Paul McBeth Oct. 10 (BusinessDesk) - New Zealand guest nights were largely flat in August from a month earlier as a gain... more
19 Oct 2014 Sport
New Master Woolhandler Joel Henare continued an unbeaten start to the new shearing sports season with a triumphant homecoming in ... more
16 Oct 2014 Opinion
Gordon Campbell on New Zealand getting involved (again) in other peoples wars Apparently, the Key government is still... more
15 Oct 2014 Opinion
The politicisation of (a) the public service and (b) the operations of the Official Information Act have been highlighted by the ... more
17 Oct 2014 Appointments
Institute Of Directors Local businessman Brian Corban was made a Distinguished Fellow of the Institute of Directors yesterday, in a... more
13 Oct 2014 Appointments
Article - BusinessDesk Kiwi Income Property reshuffles executive positions By Suze Metherell Oct. 13 (BusinessDesk) - Kiwi... more
9 Oct 2014 Recruitment
Te Runanga o Ngati Awa is widening its scope in the hunt for directors for the Whakatane based iwi authority’s commercial arm... more