7.3% Unemployment Rate No Killerblow For NZ Retail

7.3% Unemployment Rate Not A Killerblow For NZ Retailers

The 7.3% unemployment rate announced by Statistics New Zealand today is a concern, but it needs to be kept perspective. In many cases it’s much worse overseas,” says Cameron Brewer, chief executive of the Newmarket Business Association.

“Let’s not forget that unemployment has hit double figures in many western countries."

"The relatively resilient Kiwi employment market has meant retail in New Zealand has not gone into freefall, unlike the US and UK which reported shocking retail spending statistics over the past 18 months.

“New Zealand's unemployment rate may have reached a 11-year high but unemployment in the US has hit a 26-year high. We haven’t seen the lay offs that they’ve seen throughout the UK, Europe, and in the United States.

“New Zealand’s unemployment rate is still relatively low in an international context. What’s more, it’s no where near the 11.1% recorded in New Zealand for the March quarter of 1992.

"Keeping the huge majority of Kiwis in work has helped our retailers as people have retained their spending power. What's more, we're now seeing consumer and business confidence return which will only help the jobless."

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