Latest / The Kākā by Bernard Hickey
Unemployment worse than forecast & real wages fall
It couldn’t have been much worse. Unemployment rose and real wages fell.
Unemployment rose more than expected to an 11-year high in the June quarter, while real wage deflation of 2.1% in the quarter added to the pain for home-owning households and voters now facing higher interest rates and lower housing wealth barely three months to go before the election.
Yet this increase in the number of unemployed to 171,000 people, including 94,500 young people and 69,300 who have been unemployed for more than six months, happened during a year when 111,000 new temporary work visas were issued to…
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