How’s John Key’s aggressive recovery going? Not so good:
New Zealand’s unemployment rate unexpectedly rose in the second quarter as the pool of jobs shrank for the time since December 2010.
The unemployment rate increased 0.1 percentage points to 6.8 percent, the highest since June 2010, according to Statistics New Zealand’s household labour force survey.
Economists surveyed by Reuters were expecting the headline rate to come down to 6.5 percent.
That’s bad enough, but read the fine print and the picture is even worse:
Auckland’s unemployment rate fell to 7.3 percent as more people stopped looking for work…
People are giving up, the real situation is worse than the figures suggest (worth remembering next time there is a minor “improvement” in the official rate). Just how many more years of the Nats’ economic “genius” do you want NZ?