9. GEORGINA BEYER (Labour) Link to this
to the Minister for Social Development and Employment
What reports has he received on the number of New Zealanders employed and unemployed?
Hon DAVID BENSON-POPE (Minister for Social Development and Employment) Link to this
I am pleased to inform the House that the household labour force survey for the quarter ended June 2006 shows that the unemployment rate has fallen 0.3 percentage points to 3.6 percent. That is New Zealand’s equal-lowest unemployment rate on record. Labour force participation has increased to 68.8 percent—the highest rate ever recorded—and 2,129,000 New Zealanders are now in work, which is the highest level of employment ever recorded and which is up 22,000 from the previous quarter. These results are, I believe, a strong endorsement of this Labour-led Government’s management of the economy.
Hon DAVID BENSON-POPE Link to this
I have seen expert comment from the Westpac Banking Corporation that: “The unemployment rate is back to historic lows, employment growth was remarkably strong,”. That bulletin also states: “The results are in sharp contrast with business surveys,”. I have also seen a report about why this contrast might be so: “There has been a pattern emerging of companies shedding employees, and while it is a small stream it is constant. That reflects the economic slowdown, and it is only starting to be felt on the employment front.” That was John Key in April this year talking down the economy and demonstrating his ignorance of the fact that we have a dynamic labour market where for every 23 jobs lost, 26 are created. That equates to 44,000 more people in work now than at the beginning of this year.