The headlines sound startling…
Record jump in NZ unemployment rate to 5.3 per cent as Kiwis look for work
New Zealand’s unemployment rate had a record rise to 5.3 per cent over the last three months as more people started to look for work, after a surprising post-lockdown decline.
There were 37,000 more unemployed in the three months to the end of September, a rise of 32.5 per cent from the June quarter to 151,000 people, Statistics NZ said on Wednesday.
That was the biggest quarterly rise in unemployed people since Stats NZ began the series in 1986.
…but the context is that the BEFU forecast was 9.8 per cent in the September Quarter and compared to Australia’s current 6.9%, not only did we beat our own predictions, we are better than Australia.
This is testament to the wage subsidy and the ease with which we made collecting it. I appreciate we are all pissy with those who gained it and didn’t need it, but it’s ease ensured this unemployment rate wasn’t 9.8%.
The challenge now is the new economic settings Labour embark upon to keep that unemployment rate down.
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I wonder how many people are unemployed but not on the stats because of WINZ/MSD stopping people claiming?
From memory there is 1.5% difference between the official unemployment rate and the reality – which often shows up in the census.
This means we’re at 6.8%. I have no idea how distorted the Aussie figures are but the US figures meant to be next to useless
There will be a damn sight more than 1.5% difference because anyone in a relationship whose partner earns more than minimum wage is almost for certain disqualified from getting any benefit whatsoever . So heaps of people won’t even bother to apply.
Unemployment includes people out of work applying for jobs whether or not they are on a benefit.
Its because we are relatively isolated from the rest of the world under COVID19 so many local businesses have not felt the effects of, say, those found in Melbourne. Its still 25k more than when Labour first took office. As we also know unemployment stats fail to measure a lot of people who are, in fact, unemployed.
Suffice to say its nothing for anyone to brag about. More a serious issue that will get worse when other nations we do business with start to really suffer economically.
Don’t worry more cheap workers and ‘cafe entrepreneurs’ are on their way to drive up unemployment and drive down wages!
Immigration: Labour manifesto signals significant changes to border, visa rules to ‘get more people in’
https://www.newshub.co.nz/home/politics/2020/11/immigration-labour-manifesto-signals-significant-changes-to-border-visa-rules-to-get-more-people-in.html
That really is a silly post Martyn.
The shit is hitting the fan right now I see it every day.
Not everything has to be a match with a winner and a loser, right now everyone should be preparing and hopefully those in charge are awake.
This is not a time for silly political games.
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