Fiona Stokes
You searched for "Labour market conditions June 09"
How did we come to have 170,000 people unemployed in September quarter 2012?
The simple answer is that in September quarter there was an increase in the unemployed on the number in June quarter 2012 because the economy created too few jobs.
Hillmare Schulze
*Deputy Chief Economist*
These Economists are not surprised by “HLFS Erratic Numbers”
In fact the HLFS (Household Labour Force Survey) employment numbers are not erratic at all. The annual increase in the volume of work in the economy each quarter has been tracking down since June quarter 2011, and the September quarter figures continued that trend.
Anaemic economy: 173,000 to Oz in four years not enough!
Employment growth continues to fall. It dropped from 43,000 a year ago to just 12,000 in the 12 months to June 2012. That 12,000 increase is nowhere near enough to employ the increase in the number of people who want to work. Even this meagre employment increase could well become negative in the next six months if the trend over the last year continues.
Australian economy continues to hum
Australian GDP and unemployment data for the June 2012 quarter reveals that, overall, the Australian economy continues to grow strongly. But, the fact that the Reserve Bank of Australia has been lowering the Official Cash Rate throughout 2012 is an indicator that the RBA is worried that this growth will not continue without some help.
Eurozone - a mixed story
The refinancing rate in the Eurozone was held steady at 4% in September, in line with decisions by monetary authorities in most major economies. This was to counter the jitters caused by the subprime debacle. This was in an environment, where, just weeks before the 6 September meeting of the European Central Bank (ECB), most economists had been predicting a 25 basis point rise.
Monetary Conditions
Food prices rise again but food still cheaper than last year
Since June this year, food prices have increased by 0.2 percent according to Statistics New Zealand’s latest release of its food price index. The most significant increase came from fruit and vegetable prices in May and June.
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