In December Treasury said unemployment would peak at a 7%. John Key said that Treasury was being too pessimistic. Figures released shows that unemployment is now 7.3%. The last time it was that high National was in Government, too.More good comments from No Right Turn and Visible Hand (who also looks at underemployment). More than a few economic observers have been surprised by the figure. Rates Blog was guessing 6.8:
The 7.3% unemployment rate is the highest level since the June 1999 quarter and up from 4.7% in December 2008 and 3.5% in December 2007. The number of employed people fell by 2,000 to 2,152,000.It's gonna get worse too. Wait til winter. I know a few mates who are living off their savings, soon to be redundant, or loathing their current position with no hope of an alternative in a no-job market. I smell a powerful election issue.