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

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