February 7, 2013 4:00pm by David Farrar

HLFS Dec 2012

The December 2012 HLFS is out. Key points are:

Employment down 22,000 in quarter
Unenmployment also down 10,000 in quarter
Those not in labour force up 43,000
Unemployment rate down from 7.3% to 6.9%
Under 20 unemployment rate up to 30.9%
European unemployment rate up 0.1% to 5.5%
Maori unemployment rate down 0.3% to 14.8%
Pacific unemployment rate up 0.4% to 16.0%
Asian unemployment rate down 2.0% to 8.0%
Primary industry jobs down 10,400, manufacturing down only 800, construction up 4,500

Pretty weak data. The Government will face real challenges if the employment situation doesn’t improve in 2013. However worth noting that the 6.9% unemployment rate is 14th lowest of 34 in the OECD and lower than Canada, UK and US. The OECD average is 8.0%.