Offical Unemployment rates have dropped again, this time down to 4.5%...
Employment grew more than expected and unemployment fell more than expected in the December quarter, despite lower business confidence and fears by some that the economy slowed during and after the election.
However, wage growth was relatively modest and broadly in line with expectations, reducing the risks that inflation and interest rates would rise sooner and faster than expected.
Statistics New Zealand reported the unemployment rate fell to a nine-year low of 4.5 percent in the December quarter from 4.6 percent in the September quarter after employment rose by 12,000 or 0.5 percent in the quarter. Economists had expected a slight tick up in unemployment to around 4.7 percent and had expected employment to rise by around 0.3 percent.
…let’s put aside the absurdity of working one hour a week meaning you are defined as employed, the realities here are that we have a work force working harder for bugger all wage growth.
Many workers are actually going backwards when you factor in rent rises and living costs that can’t be offset by property speculation.
It also highlights that the total number of under utilised workers, those working part time who want more work, number 343 000 workers.
There is little to cheer in these stats. We have a part time work force with a Precariat class who are at the whims of a brutal market while the wealthy plump up the medium wage.
The fact that the 1% almost have 30% of the wealth in NZ is the true measure of our workforce. The poorest 30% own a mere 1% of the wealth.
Unemployment stats that don’t appreciate this power dynamic are merely wallpaper for Governments wanting to whitewash the grim reality of working NZers after the 30 year neoliberal experiment.
The last census showed that the official unemployment rate was 1% behind the rate and since then they changed the definition of unemployment in a way that dropped 0.5% off the figure.
So even if we ignore all the issues raised above the real figure should be 6% – which is bad on on it’s own.
why are we bring 200 chinese workers to NZ where will they live , who will moniter their workmanship and why are so many coming here for one building. This sets a bad precedent and this approach has the potential to be access to slave labour. The gnats have a lot to answer to there way of solving the shortage is to bring in cheap labourers instead of having to invest in NZers disgusting the labour government need to do something about his. I will ask one more time where will the 200 chinese workers be living while they are here. who will ensure they are paid properly?
Just like the swimmable rivers measurement. National changed the parameters and tinkered with the definition until our rivers were swimmable again. Key lied, English lied and Smith lied. Off with their heads!
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