The unemployment rate has jumped to 6.7%. Even the quarter before has been pushed up from 6.3% to 6.4%, as the picture the government has painted gets constantly less rosy.
National promised us 36,000 new jobs by last March in the last Budget, but only 20,000 jobs eventuated – far less than the increase in those seeking employment.
In the last quarter jobless rose 12,000 – basically 1,000 on the scrap heap each week. First Union say their industry has had a “jobs massacre”.
Steven Joyce offers excuses: “These figures continue to reflect a challenging job market as the country continues to deal with the impact of the global financial crisis and Canterbury earthquakes.”
But a diagnosis comes from Cunliffe: “Poorly executed economic development is a recipe for a longer, deeper recession and growing social misery.”
David Parker charts the consistent failure: “Rising unemployment is joining the list of examples of this Government’s economic policy failures – along with a worsening current account deficit, growing international debt, and a growing wage gap with Australia.”
And Metiria tells us of a bleak, not brighter future: “Unfortunately the upcoming zero Budget is likely see an increase in unemployment and lead to more hardship and inequality in New Zealand.”
Where’s our recovery John? Have you sold that off too?