Employment figures positive for future growth

Improved employment results are positive for future growth, says Business NZ.

Chief Executive Phil O’Reilly said the drop in unemployment in the March quarter from 7.1% to 6% was welcome news.

“This is the first significant quarterly improvement since the beginning of the economic downturn,” Mr O’Reilly said.

He said it was consistent with improvements in the manufacturing and services sectors over the same timeframe, as measured by Business NZ’s PMI and PSI surveys.

“This is of particular importance to the domestic economy. More people in jobs means more consumer confidence and better results for retailers and other businesses.

“The results suggest an increased need to improve the skills platform of the workforce. It will now be important for the Government to redouble its efforts in improving the skill levels of those in the New Zealand workforce.”