Unemployment to hit 5%, bank economists say

Unemployment to hit 5%, bank economists say
Economic activity is catching up with the labour market, says ASB economist Mark Smith. (Images: NZME)
Gregor Thompson
Most of New Zealand’s major bank economists expect unemployment to hit 5% when Statistics NZ releases its quarterly labour market statistics on Wednesday. Economists from Westpac and Bank of NZ (BNZ) expected unemployment to reach 5%, which aligns with the Reserve Bank of NZ’s (RBNZ) expectations. ASB's note forecasted the unemployment rate to reach 5.1%, the highest among major bank economists.Aside from the brief spike to 5.2% following the 2020 covid-19 lockdown, this would be the highest rate since 2016. ASB&r...

More Economy

It’s time for a national conversation on productivity
Economy

Cameron Bagrie: It’s time for a national conversation on productivity

Bold action needed as a further downgrade to Treasury's forecasts looks likely.

Cameron Bagrie 22 Nov 2024
Govt’s arms flailing, with little cohesive direction
Economy

Ganesh Nana: Govt’s arms flailing, with little cohesive direction

A tight-fisted Government is hobbling its own ambitions. 

Ganesh Nana 22 Nov 2024
NZ's directors see better days ahead
Economy

NZ's directors see better days ahead

Board directors are looking to Companies Act reform on their legal liabilities.

Greg Hurrell 22 Nov 2024
Treasury expects to downgrade forecasts
Economy

Treasury expects to downgrade forecasts

Per capita GDP has fallen 4.6% since the September quarter of 2022.

Rebecca Howard 21 Nov 2024