New Zealand's unemployment rate hit 7.3 percent in the
December quarter, up from 6.5 percent, its highest level
since the June 1999 quarter.
The Household Labour Force Survey, published today, showed
those people officially without jobs jumped 18,000 to
168,000. This was double the Labour Department forecast of a
9000 increase.
The unemployment rate was now at its highest level since the
June 1999 quarter, said Government Statistician Geoff
Bascand. The increase was mainly due to a rise in the number
of people entering the labour force but unable to find work,
he said.
During the past year, the increase in jobless was
particularly marked among young people (aged 15-24), with the
unemployment rate for this group rising 6.4 percentage points
to reach 18.4 percent.
The rate also remains high for Maori (15.4 percent), Pacific
Islanders (14 percent), and Middle Eastern/Latin
American/African (17.1 percent). The unemployment rate for NZ
Europeans stands at 4.6 percent.
The number of people with jobs dropped by 2000 or 0.1 percent
during the latest quarter, compared with a 16,000 decline in
the previous quarter.
Over the past year, employment fell by 53,000 or 2.4 percent,
with the greatest slide in the Auckland and Canterbury
regions.
The New Zealand dollar dived half a US cent straight after
the jobless figure was released.
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