NZ still bears up well in world jobless stakes
By Christopher Adams
12:00 PM Thursday Feb 4, 2010

New Zealand, which recorded an unemployment rate of 7.3 per cent for the December quarter, is still not doing too badly when compared with the rest of the world, says an AUT academic.

Tim Maloney, the head of AUT's economics department, said the recession had hit the United States - which traditionally recorded lower rates of unemployment than many other industrialised nations - particularly hard.

"The [US] housing market has just collapsed, and there are a lot of people who have just come out of university and simply can't find jobs," Maloney said.

The unemployment rate for United States was 2.7 percentage points higher than New Zealand's last December, at 10 per cent.

"The biggest difference [between the US and New Zealand] is that our financial sector is much more concentrated," said Maloney.

"We have many fewer banks and our regulation system is much stronger."

He said Americans had suffered because their regulatory system had let them down.

More here.