Wednesday’s labour market data showed the New Zealand economy was still adding jobs in June, though not as quickly as the working-age population had grown. Roughly one-third of the public sector job cuts were from leaving roles unfilled, according to Finance Minister Nicola Willis. Despite these headlines, the labour force participation and employment rates remain more or less unchanged from two years ago at 71.7% and 68.4%, respectively. This is unusual in a weak job market, which often discourages people from seeking employment. If anything, the labour market was slightly stronger than the Reserve Bank expected at its May Monetary Policy Statement when it said it would hold rates steady for a year.

Source: Stuff August 07, 2024 23:37 UTC