Suspicion unemployment rate is actually higher

A suspicion the real rate of unemployment is much higher than the figure released this week.

The unemployment figure was a surprise at 7.3 percent - the highest it's been since the March 1999 quarter.

Consulting Director at contracting business Emergent Carmen Bailey, believes the true figure is much higher.

"I would guess it's up around 10-percent, 11-percent, if you counted the people that I had registered with us that would like to be working."

Carmen Bailey says lots of CEOs are leaving their jobs at the moment, and some workers are following suit.

Labour's pointing to higher welfare costs, as an unexpected consequence of the jump in unemployment this week.

Labour leader David Shearer says higher unemployment will affect the reforms, and will also drive up welfare costs.

"That's a waste to New Zealand, it's a waste to these people, and frankly just evidence of the fact that the government's economic policies are failing."

QUOTES

 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.