Sunday, May 11, 2008

Employment in NZ shows stunning decline

The weekend brought some shocking employment figures from Statistics New Zealand.

These showed that in the March quarter the seasonally adjusted number of people employed dropped by 29,000, or 1.3 percent, to 2.14 million. This was the largest percentage decline in employment in 19 years, and takes employment back to the levels of early 2007.

The fall is from a record high in the December quarter, when the 3.4-percent unemployment rate was the lowest since the Household Labour Force Survey started in 1986.

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