Timbo
11th November 2005, 07:33 AM
Jobless rate has fallen again
Latest labour market figures show jobless rate has fallen again - to 3.4 percent; lowest figure in 19 years
11 November 2005
BNZ economists say the latest labour market figures are "scary", showing the country's jobless rate has fallen again - to 3.4 percent.
It is the lowest figure since the Household Labour Force Survey began 19 years ago, the lowest rate in the OECD and almost two percent lower than in Australia.
Statistics show 2,093,000 kiwis are in work.
Just when economists thought the labour market could not get any tighter, it has.
The BNZ says idle workers are so scarce, that even if the economy stalls, workers will have the upper hand in wage negotiations for some time yet.
The bank does not see any easing in the situation until the end of next year.
Telecom - one of the country's biggest employers, is having to look overseas to fill job vacancies.
Spokesman Phil Love says they have been having difficulty finding the right people for almost two years now. The company has been looking for staff, mainly in the UK.
He says Telecom is offering a range of incentives to try and recruit staff, introducing a graduate and management development programme to recruit and retain staff.
He says there is an initiative to get mothers to return to work and also opportunities to work from home in specific roles.
However, the Northern Employers and Manufacturers Association is predicting skills and labour shortages will ease by early next year.
It says manufacturing trends are declining in the region north of Taupo and new orders, new employment and delivery levels are also heading downward.
The EMA's manager of manufacturing Bruce Goldsworthy says the decline indicates high employment rates are unlikely to continue much longer.
Latest labour market figures show jobless rate has fallen again - to 3.4 percent; lowest figure in 19 years
11 November 2005
BNZ economists say the latest labour market figures are "scary", showing the country's jobless rate has fallen again - to 3.4 percent.
It is the lowest figure since the Household Labour Force Survey began 19 years ago, the lowest rate in the OECD and almost two percent lower than in Australia.
Statistics show 2,093,000 kiwis are in work.
Just when economists thought the labour market could not get any tighter, it has.
The BNZ says idle workers are so scarce, that even if the economy stalls, workers will have the upper hand in wage negotiations for some time yet.
The bank does not see any easing in the situation until the end of next year.
Telecom - one of the country's biggest employers, is having to look overseas to fill job vacancies.
Spokesman Phil Love says they have been having difficulty finding the right people for almost two years now. The company has been looking for staff, mainly in the UK.
He says Telecom is offering a range of incentives to try and recruit staff, introducing a graduate and management development programme to recruit and retain staff.
He says there is an initiative to get mothers to return to work and also opportunities to work from home in specific roles.
However, the Northern Employers and Manufacturers Association is predicting skills and labour shortages will ease by early next year.
It says manufacturing trends are declining in the region north of Taupo and new orders, new employment and delivery levels are also heading downward.
The EMA's manager of manufacturing Bruce Goldsworthy says the decline indicates high employment rates are unlikely to continue much longer.