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New Zealand jobless rate hits six-year high
Thu, May 07, 2009
AFP

WELLINGTON (AFP) - New Zealand's unemployment rate rose for a fifth straight quarter to hit a six-year high of 5.0 percent in the three months to March, official figures showed Thursday.

Unemployment in New Zealand, which sank into recession last year, has risen from a low of 3.4 percent at the end of 2007 and the seasonally adjusted rate rose 0.3 percentage points in the March quarter to its highest level since
March 2003.

The number of unemployed rose by 7,000 during the March 2009 quarter to reach 115,000, Statistics New Zealand (SNZ) said.

The labour force participation rate - those in jobs or looking for work - fell by 0.7 percentage points to 68.4 percent during the March quarter, SNZ said.

Social Development and Employment Minister Paula Bennett said New Zealand was faring better than other developed countries.

"However, the upward trend in unemployment is hitting young people particularly hard. That's worrying and is a priority for this government," Bennett said.

"We know unemployment will continue to rise this year. The focus of this government remains job creation and growth," she said.

 

 
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