Fewer people without jobs
11:30AM Thursday August 09, 2007

The number of New Zealanders in work rose to a record high in the June quarter, while the unemployment rate eased to 3.6 per cent, equal to the lowest rate recorded in the Household Labour Force Survey.

The labour force participation rate increased by 0.2 of a percentage point over the quarter to 68.6 per cent, also the highest ever recorded by the survey since it started in 1986, Statistics New Zealand (SNZ) said, releasing the data today.

Employment increased by 14,000, or 0.7 per cent, to reach 2.158 million. Part-time employment grew by 8000 (1.8 per cent) during the quarter, while full-time employment was up 7000 (0.4 per cent).

The good labour market news could be bad news for borrowers with the Reserve Bank likely to respond by increasing interest rates yet again. The New Zealand dollar jumped back over US77c on the news from just over US76c at yesterday's market close.

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