Demand for labour continues to fall

The number of full-time equivalent employees, filled jobs, and seasonally adjusted total paid hours have all
decreased in the year to March 2009, according to the Quarterly Employment Survey (QES) released by
Statistics New Zealand today. This is the second consecutive quarter in which all three labour market
measures have decreased on an annual basis.

In the year to March 2009, employment, as measured by the number of full-time equivalent employees,
decreased 1.7 percent and filled jobs decreased 1.1 percent. Both annual decreases were driven by the
construction and manufacturing industries.

Seasonally adjusted total gross earnings increased 3.3 percent for the March 2009 year, while seasonally
adjusted total paid hours decreased 1.9 percent for the same period. Despite a fall in paid hours, total
gross earnings continued to grow, leading to a 5.3 percent increase in the average total hourly earnings in
the year to March 2009.

The Labour Cost Index (Salary and Wage Rates): March 2009 quarter information release, scheduled for
publication today, is delayed until 3:00pm on Wednesday 6 May 2009. The delay is to allow time to
incorporate improved historical information on changes to central government primary and secondary
school education pay rates. For further details, see Labour Cost Index delayed, available from the release
calendar on our website.