this post was submitted on 04 Aug 2025
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Unemployment rate expected to hit nine-year high (www.rnz.co.nz)
submitted 5 days ago by Dave@lemmy.nz to c/politics@lemmy.nz
8 comments fedilink hide all child comments
 
  • Unemployment picked to hit near nine year high of 5.3 percent
  • Labour market lags economic performance, reflecting last year's recession
  • Economy may have shed as many as 40,000 jobs in past couple of years
  • Annual wage growth seen just above 2 percent - tough on household budgets, eases inflation pressures
  • If numbers as expected, they will back another RBNZ rate cut
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[–] absGeekNZ@lemmy.nz 2 points 1 day ago

Next year will be a ten year high.

[–] TagMeInSkipIGotThis@lemmy.nz 4 points 4 days ago* (last edited 3 days ago) (1 children)
  • consumers expecting inflation to pick up - and in some ways in important products it already has.
  • unemployment expected to rise.
  • economic growth pretty much non-existant.

I think we are in Stagflation territory in New Zealand, thanks to a moronic insistence on austerity to resolve a mostly external inflation problem.

https://en.wikipedia.org/wiki/Stagflation

[–] Dave@lemmy.nz 3 points 3 days ago (1 children)

Yeah I agree, and as per that Wikipedia page it seems like a direct cause and effect (fire heaps of public service, this leads to direct unemployment plus indirect by causing unemployment in supporting industries then those that supply them etc).

It's honestly pretty impressive that National can get voted in on a promise of fixing the economy time and time again, considering how bad they are at it.

[–] TagMeInSkipIGotThis@lemmy.nz 3 points 3 days ago* (last edited 3 days ago)

They're good* for certain parts of the economy that have a huge amount of money to throw at political campaigns I guess. Real Estate, Fisheries, Oil & Gas all got what they paid for.

*in the short term.

[–] Dave@lemmy.nz 3 points 3 days ago

Unemployment at highest rate since it was illegal to go to work: https://www.rnz.co.nz/news/national/569145/unemployment-rate-rises-to-highest-level-since-2020

[–] BalpeenHammer@lemmy.nz 7 points 4 days ago (2 children)

That's what happens when you lay off so many government employees I guess.

[–] Dave@lemmy.nz 7 points 4 days ago

Yes, definitely a shocked pikachu moment.

[–] TagMeInSkipIGotThis@lemmy.nz 4 points 4 days ago

Are you trying to suggest that a few thousand landlords getting a tax break doesn't equal the same spending power as 10000 public servants?!