Huge boost in employment
Stats NZ reports:
The seasonally adjusted unemployment rate fell to 4.6 percent in the September 2017 quarter, down from 4.8 percent in the June 2017 quarter, Stats NZ said today.
There’s a huge amount of good data in the HLFS. It includes:
- 56,000 more jobs in the quarter which is 4,300 net jobs created per week or 860 more jobs per working day or 108 net jobs created per working hour
- 104,000 more jobs than a year ago – 89,000 FT and 15,000 PT
- Unemployment down 0.3% from a year ago
- Labour force participation rate up from 70.1% to 71.1%
- Manufacturing jobs up 9,000 over the year
- Total hours worked up 4.5% (a key indicator for the economy)
- Our employment rate of 77.4% in 3rd highest in OECD.
So Labour, Greens and NZ First have been gifted this (as opposed to National in 2008 who were gifted a recession and the GFC). I can’t imagine their policies are going to lead to an economy where employers are creating 100,000 new net jobs a year.
Also on wages:
- Average FT earnings increase to $61,249 – up 2.5%
- Average hourly earnings increase to $30.51 – up 2.2%
- Average female earnings are 88% of male earnings, up from 87% a year ago