No light on horizon for jobs market
9:00 AM Thursday Nov 19, 2009

New figures show employment rates are continuing to plummet, indicating New Zealand is in for a tough time next year.

In its Monthly Monitor, economic forecaster Berl says total employment in September was 40,000 lower than a year earlier. It says there has been a steady decline in growth over the past two-to-three years following a high interest rate/high exchange rate policy that has put the squeeze on employment in any goods and services that are internationally tradable.

Most of the jobs shed have been from the export processing, manufacturing and construction sectors.

Chief economist Ganesh Nana says it is worrying that there is no growth amongst those industries as they should be at the forefront of New Zealand's economic recovery.

More here.