Smarter News Now
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting
No Result
View All Result
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
  • Top News
  • Economy News
  • Forex News
  • Investing News
  • Stock News
  • Politics News
  • Editor’s Pick
No Result
View All Result
Smarter News Now
No Result
View All Result
Home Economy News

New Zealand first-quarter jobless rate inches up but coronavirus shock to be reflected in next quarter

by
May 6, 2020
in Economy News, Top News
0
New Zealand first-quarter jobless rate inches up but coronavirus shock to be reflected in next quarter
0
SHARES
11
VIEWS
Share on FacebookShare on Twitter
imageCoronavirus14 hours ago (May 05, 2020 08:15PM ET)

(C) Reuters. FILE PHOTO: Construction workers unload equipment at a building site for a residential apartment block in central Wellington, New Zealand

WELLINGTON (Reuters) – New Zealand’s jobless rate rose to 4.2% in the first quarter ahead of a strict lockdown that was enforced to limit the spread of the novel coronavirus, according to data released by Statistics New Zealand on Wednesday.

The headline figure was only slightly higher than a 4.0% jobless rate in the last quarter and lower than forecasts by economists polled by Reuters who predicted a 4.3% increase in the unemployment rate.

Employment rose 0.7% quarter on quarter, while private sector wages rose 2.5% on the year.

The data reflected the state of the labour market before the five-week alert level 4 lockdown, imposed in New Zealand to stem the spread of COVID-19. The lockdown was eased on April 28 but several restrictions are still in place across the country.

“Any impacts of COVID-19 on jobs are not yet being seen in this employment indicator,” said Sue Chapman from Statistics New Zealand.

“The lockdown didn’t occur until the last week of March, so we’re expecting limited impact on this month’s numbers.”

New Zealand is expecting hundreds of thousands of job losses in the coming months due to the economic impact of the coronavirus pandemic.

Finance Minister Grant Robertson has said the unemployment rate could be kept below 10%, and return to 5% in 2021 with additional government support.

“Although these data paint a positive picture, the reality is that lives and livelihoods are being significantly affected by the COVID-19 crisis, and the labour market is deteriorating,” ANZ Senior Economist Liz Kendall said.

The government will announce its annual budget next week while the Reserve Bank of New Zealand (RBNZ) sits on May 13 to decide its monetary policy.

Kendall said more fiscal initiatives can be expected at the budget and RBNZ may double its quantitative easing programme.

New Zealand first-quarter jobless rate inches up but coronavirus shock to be reflected in next quarter

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

ShareTweetPin

Related Posts

3 Key Trends Shaping Non-Dairy Yogurt Market in 2022 and Beyond
Economy News

3 Key Trends Shaping Non-Dairy Yogurt Market in 2022 and Beyond

May 19, 2022
Top 3 Factors Driving the Aircraft Tires Market Amid Recovery of the Aviation Sector Post-COVID
Economy News

Top 3 Factors Driving the Aircraft Tires Market Amid Recovery of the Aviation Sector Post-COVID

May 16, 2022
5 Major Trends Transforming Agriculture Equipment Market amid the COVID-19 Pandemic
Economy News

5 Major Trends Transforming Agriculture Equipment Market amid the COVID-19 Pandemic

May 12, 2022
Green Building Products to Emerge as the Construction Material of Choice
Economy News

Green Building Products to Emerge as the Construction Material of Choice

May 12, 2022
Green Building Products to Emerge as the Construction Material of Choice
Economy News

Green Building Products to Emerge as the Construction Material of Choice

May 12, 2022
OSS/BSS Market Players are Building Robust Systems to Support Next-gen Networks
Economy News

OSS/BSS Market Players are Building Robust Systems to Support Next-gen Networks

May 6, 2022
Next Post
Irish services industry PMI plunges to historic low of 13.9

Irish services industry PMI plunges to historic low of 13.9

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Email Address *
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!
 

Recommended

U.S. Supreme Court sidesteps major gun rights ruling

U.S. Supreme Court sidesteps major gun rights ruling

April 27, 2020
Colombia current account deficit shrunk to 3.7% of GDP in first quarter

Colombia current account deficit shrunk to 3.7% of GDP in first quarter

June 1, 2020
UK Treasury, British Business Bank reviewing access to state-backed loan schemes – The Telegraph

UK Treasury, British Business Bank reviewing access to state-backed loan schemes – The Telegraph

July 5, 2020
Is your business ready for the AI revolution?

Is your business ready for the AI revolution?

December 10, 2020
Take Five: Hong Kong takes center stage

Take Five: Hong Kong takes center stage

May 29, 2020
Citi’s ICG appoints insider Naveed Sultan as chairman

Citi’s ICG appoints insider Naveed Sultan as chairman

October 29, 2020
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2022 SmarterNewsNow.
All Rights Reserved.

Disclaimer: SmarterNewsNow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

No Result
View All Result
  • About Us
  • Contact Us
  • Email Whitelisting
  • Home
  • Privacy Policy
  • Terms & Conditions
  • Thank You

Copyright © 2020 SmarterNewsNow. All Rights Reserved.