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Faster growth noticed in public sector wages by latest NZ Labor Cost Index

Faster growth noticed in public sector wages by latest NZ Labor Cost Index

It has been specified by the Statistics New Zealand Labor Cost Index released today that a much faster growth was noticed in public sector wages as compared to private sector wages in the last year.   

An increase of 3.3% in salary and wage rates (including overtime) in the year to the March 2009 quarter was recorded by the index, which comes as lesser than the revised increases of 3.5% and 4% in the years to the December and September 2008 quarters, respectively.

New Zealand Treasury predicts 1% drop in GDP

New Zealand

It was put forward by the New Zealand's Treasury on Monday via a report that it hopes the real GDP to drop nearly 1% in the March quarter. Furthermore, in the first quarter, the demand and output declined again, leading to decreases in capacity utilization and the demand for labor.

It has been predicted that output in significant trading partners of New Zealand weighted by their share of exports is expected to decrease nearly 2.5% this year. 

Unemployment to rise in New Zealand

Unemployment

Recent reports by most of economists have predicted that New Zealand’s unemployment would increase pat 5% this week; and thus the struggling businesses would be affected by the loosening labor market. 

Presently, the rate of unemployment taken from the December quarter is 4.7% and it has been forecasted by economists that number would be as high as 5.3% when the March quarter results come out on Thursday.

Auckland hits record high temperature

high temperature

Auckland has equaled the highest temperature recorded in the city.

ONE News weather expert Jim Hickey informed that on Thursday the mercury hit 32.4 degrees in West Auckland at around 4pm, which is equal to its highest recorded temperature of all time.

Hickey further informed that last time Auckland was that hot was 127 years ago in 1872.

Hickey explained that the excessive heat in the Auckland area comes as heavy rain is falling across the central North Island and top of the South Island, increasing river levels.

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