‘‘This growth in employment lines up with the moderate economic recovery we've seen. Employment was falling over 2012 while growth in economic activity was slower"
-Industry and labour statistics manager Diane Ramsay
During this week's report, the Statistics NZ has released the full suite of quarterly labour market data during one day for the time. This decision gives market participants and analysts a more complete picture of what is happening with the New Zealand's labour market. The number of people in the workforce rose compared with the same period a year earlier, while wages showed a modest, but stable uptrend, adding to signs that the economy is on a steady recovery path. In its quarterly overview of the labour market, Statistics NZ said the jobless rate edged higher in the June quarter, however, fell when being compared with the same time a year ago, as 8,000 people found a new working place, and as companies increased hiring amid economic recovery and improved activity in the earthquake-hit Canterbury region. Nonetheless, in the three months to June, the overall unemployment rate rose to 6.4%, up from 6.2% seen in the preceding quarter, while on a yearly basis this indicator fell 0.4%. Moreover, the demand for workers from established businesses jumped 1.9% in the quarter, while average hourly ordinary time earnings ticked higher 0.2%. Officials also said that wage inflation, measure by the labour cost index, eased to 1.7% in the year to the June, 0.3% lower than this time last year. The steady pace of growth in employment and wage inflation is cementing expectations the economy is developing, albeit slowly.
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