66 more jobs an hour

The other day I heard the Prime Minister say that in the last year the New Zealand economy created an extra 10,000 jobs a month.

This sounded far fetched to me. I knew we had reasonable job growth but surely not 10,000 a month. So I checked and indeed the Prime Minister was wrong.

In fact the job growth was 11,500 a month!

In March 2016 there were 2,402,000 in and in March 2017 there were 2,539,000. And 81% of the new jobs were full-time.

That is:

  • 137,000 net new jobs in 12 months
  • 11,500 new jobs a month
  • 2,600 new jobs a week
  • 66 new jobs per working hour (40/week)

So think about this. You attend a one hour meeting. By the end of that meeting, there would have been (on average) 66 more jobs than at the start of the meeting.

For a country with such a small population, 11,500 new jobs a month is remarkable. That is the equivalent of the US growing by 800,000 jobs a month.

As a percentage that is a 5.7% increase in the number of jobs in a year. Here’s the growth rate for jobs for some other countries:

  1. NZ 5.7%
  2. Germany 2.9%
  3. Ireland 2.9%
  4. US 1.8%
  5. OECD 1.6%
  6. Australia 1.6%
  7. Sweden 1.5%
  8. UK 1.4%
  9. Canada 0.7%
  10. France 0.6%
  11. Finland 0.5%

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