New Zealand 'employment rates up'
Employment rates in New Zealand shot up by 1.2 per cent during the second financial quarter, it has been reported.
Despite forecasts to the contrary, the country's economy also saw gains in the finance and education industries.
The boost in employment meant the addition of 26,000 jobs and showed an optimistic bounce back from a 1.3 per cent drop from January to March.
Nick Tuffley, chief economist at ASB Bank said: "The figures are robust enough to have us concluding that on economic data grounds there is little to prompt the RBNZ to cut the official cash rate by 50 basis points in September."
The news comes as The New Zealand Guardian Trust announced a suspension of withdrawals and new investments in its mortgage fund last month.
Though employment rates are looking hopeful, unemployment also increased to 3.9 per cent from April to June, reaching its highest in two years.
Despite forecasts to the contrary, the country's economy also saw gains in the finance and education industries.
The boost in employment meant the addition of 26,000 jobs and showed an optimistic bounce back from a 1.3 per cent drop from January to March.
Nick Tuffley, chief economist at ASB Bank said: "The figures are robust enough to have us concluding that on economic data grounds there is little to prompt the RBNZ to cut the official cash rate by 50 basis points in September."
The news comes as The New Zealand Guardian Trust announced a suspension of withdrawals and new investments in its mortgage fund last month.
Though employment rates are looking hopeful, unemployment also increased to 3.9 per cent from April to June, reaching its highest in two years.
Labels: employment, New Zealand
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