Further strengthening in labour market

Cashmanager | 8 years ago

New Zealand's labour market has continued to expand, with unemployment falling to 6 per cent during the final three months of 2013. Statistics New Zealand revealed that 24,000 more people were employed during the December 2013 quarter, which builds upon the additional 28,000 who secured jobs in the previous three-month period. Diane Ramsay, industry and labour statistics manager, explained how service-based industries in particular are experiencing positivity at the moment. "The unemployment rate has been falling and employment rising for the last 18 months, with both now at levels last seen in early 2009," she commented. The figures also showed annual wage inflation, which is measured using the labour cost index salary and ordinary time wage rates. It remained steady at 1.6 per cent during the period in question, while average ordinary time hourly earnings increased 2.9 per cent over the previous 12 months. This marked a rise of 2.6 per cent from the September quarter. The Household Labour Force Survey revealed a 3 per cent rise in the number of people employed across the country at the end of last year. Established businesses in particular were shown to be on the lookout for new staff, as the Quarterly Employment Survey experienced a 1.9 per cent increase. Any company - large or small - that is planning to take on new workers will need to make sure they are properly trained in the use of accounting software for small business and any other systems they might use. Hiring intentions may be on the rise in light of improving conditions in the national economy, as recently identified by the ASB Quarterly Economic Forecast. It found that economic growth is likely to rise 3.5 per cent throughout 2014, with the construction sector predicted to be one of the year's standout performers.