Unemployment is set to hit its highest level in nearly nine years, as the lagging effects of last year's recession and the sluggish recovery hit hiring and wages.
  • Unemployment picked to hit near nine year high of 5.3 percent
  • Labour market lags economic performance, reflecting last year’s recession
  • Economy may have shed as many as 40,000 jobs in past couple of years
  • Annual wage growth seen just above 2 percent - tough on household budgets, eases inflation pressures
  • If numbers as expected, they will back another RBNZ rate cut
  • TagMeInSkipIGotThis@lemmy.nz
    4·
    5 days ago
    • consumers expecting inflation to pick up - and in some ways in important products it already has.
    • unemployment expected to rise.
    • economic growth pretty much non-existant.

    I think we are in Stagflation territory in New Zealand, thanks to a moronic insistence on austerity to resolve a mostly external inflation problem.

    https://en.wikipedia.org/wiki/Stagflation

    • Dave@lemmy.nzOPM
      3·
      5 days ago

      Yeah I agree, and as per that Wikipedia page it seems like a direct cause and effect (fire heaps of public service, this leads to direct unemployment plus indirect by causing unemployment in supporting industries then those that supply them etc).

      It’s honestly pretty impressive that National can get voted in on a promise of fixing the economy time and time again, considering how bad they are at it.

      • TagMeInSkipIGotThis@lemmy.nz
        3·
        5 days ago

        They’re good* for certain parts of the economy that have a huge amount of money to throw at political campaigns I guess. Real Estate, Fisheries, Oil & Gas all got what they paid for.

        *in the short term.