Record NZ part-time jobs make up for fall in full-timers 3 May 2012
- NZ dollar little changed as hopes grow for clear signal Business
- Supreme Court strikes out Trinity tax appeal Business
- KiwiRail posts $85.5M 'above-rail' FY earnings Business
- Air NZ shares edge up as earnings outlook hangs over profit Business
- SkyTV earnings per viewer fall as programme costs rise 11.6% Business
- $100k to boost Havelock North’s economic recovery News
- Seeka hikes interim dividend Business
- Tough second-half hurts NZ Post and Kiwibank Business
- Delegat to pay bigger dividend Business
- NZME posts 0.5% gain in debut first-half earnings 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.
25 Aug 2016 News
New Zealand Government Hon Gerry BrownleeMinister of Defence 25 August 2016 Minister welcomes Baghdad appointment Defence Minister... more
24 Aug 2016 Business News
Article - BusinessDesk NZ trade deficit narrows in July from year earlier as imports fall faster than exports By Jonathan ... more
18 Jul 2016 Lifestyle
The Outlook for Someday Young New Zealanders Making Films For Good What does sustainability mean to you? Since 2007 The Outlook for... more
3 Aug 2016 Property
Wednesday 03 August 2016 10:30 AM Auckland house prices are stabilising, may have plateaued, Barfoot says Aug. 3 (BusinessDesk) -... more
2 Aug 2016 Property
Article - BusinessDesk NZ home values rise at fastest quarterly pace in 12 years By Tina Morrison Aug. 2 (BusinessDesk) - New... more
30 Mar 2016 Migration
British High Commissioner Jonathan Sinclair is defending changes to skilled migrant rules for Britain but suggests they won't affect... more
25 Aug 2016 Travel & Tourism
New Zealand Government Hon Wagner using the new eGates at Wellington Airport.... more
10 Aug 2016 Travel & Tourism
Article - BusinessDesk Wednesday 10 August 2016 12:19 PM Aug. 10 (BusinessDesk) - New Zealand accommodation providers had their... more
25 Aug 2016 Motor Sport
25 Aug 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the end game in Spain First published on Werewolf more
11 Aug 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the Impotence of the Reserve Bank First published on Werewolf more
12 Aug 2016 Appointments
New Zealand Government Hon Hekia ParataMinister of Education 12 August 2016 Appointments to New Zealand National Commission for... more
10 Aug 2016 Appointments
Rugby League World Cup Wednesday 10 August 2016 Respected and experienced Rugby League administrator, Andrew Hill, has been appointed... more
3 Aug 2016 Recruitment
New Zealand Government Hon Steven Joyce Minister for Tertiary Education, Skills and Employment 3 August 2016 Jobs growth continues... more
3 Aug 2016 State of the Market Report
Wednesday 03 August 2016 11:57 AM NZ private sector wage inflation misses expectations in June quarter Aug. 3 (BusinessDesk) - New... more