Unemployment up to 6.5pc, highest in nine years
4:30PM Thursday Nov 05, 2009

The unemployment rate has risen to a nine-year high of 6.5 per cent in the September quarter, with new figures showing the young, Maori and Pacific Islanders bearing much of the impact.

The rise was from an unemployment rate of 6 per cent in the June quarter.

Economists expected it to go higher, despite 0.1 per cent growth in gross domestic product in the June quarter, following five quarters of contraction.

The Household Labour Force Survey published today by Statistics New Zealand also showed seasonally adjusted employment falling 0.8 per cent, worse than the 0.3 per cent median fall prediction in a Reuters poll of economists.

The seasonally adjusted labour force participation rate was 68 per cent, down 0.4 percentage points from the June quarter.

In unadjusted terms, employment for those aged 15-19 fell by 22,700 to 116,500 in the year to September.

More here.