Latest news with #unemployment rate
RNZ News
2 days ago
- Business
- RNZ News
Chrisopher Luxon says he's 'focused 100%' on economy, not passports
Prime Minister Christopher Luxon speaking at Botany Downs Secondary College with Education Minister Erica Stanford. Photo: Calvin Samuel / RNZ Prime Minister Christopher Luxon denies the government has lost its focus, as calls intensify for the government to take action to help pull Auckland out of its economic slump. Earlier this month Auckland Business Chamber boss Simon Bridges called on the government to do more to stimulate the economy in the supercity. The latest Stats NZ data showed Auckland's 6.1 percent unemployment rate for the June 2025 quarter was the worst of all regions, ahead of the national rate of 5.2 percent. An article in the the Sunday Star-Times at the weekend said "many business leaders and political insiders, including those from traditional centre-right bases of support for National, are beginning to doubt whether" Luxon's coalition has an economic plan. Heart of the City boss Viv Beck said "Rome is burning for some of our small businesses", and Newmarket Business Association head Mark Knoff-Thomas said it was "ludicrous" the government was spending its time reordering words on passport covers instead of focusing on the economy. Mayor Wayne Brown wants a bed night levy , which the government is not keen on. "They'll cave in. They want to be elected…. They'll cave in on this, mate. This is a third of New Zealand. This is the city that decides who's the government." Luxon told RNZ's Morning Report the government was "not focused on passport changes" but would not be implementing a bed tax. "We're actually focused 100 percent on actually growing this economy … We inherited the big recession. We've had a massive post-Covid hangover," he said. We've had a lot of international challenges with respect to tariffs, and what that's done for sentiment and confidence, but I just say to you, we're also seeing a recovery in New Zealand." Luxon said South Island primary industries were "growing strongly" but "we know we've got work to do in our cities". He pointed to the government's fast-track scheme for big projects, capital investment write-offs for small businesses and making it easier to get things built. "It's really tough in Auckland and also in Wellington, you know? If you're in Christchurch, it's different, as I said before, but, you know, there's no doubt about it," Luxon said "We're open to continuing to look at what more we can do. We're pretty dynamic and agile. We keep adjusting and doing things to adjust to the circumstances that we're in." One recent poll saw Labour surge ahead of National, and Luxon neck-and-neck with Labour's Chris Hipkins as preferred prime minister. Another had National and Labour in a statistical, ditto for Luxon and Hipkins, with just 1 percentage point separating the parties and leaders. When Bridges led the National Party, it regularly polled in the 40s. He was rolled as leader in 2020 after a collapse in the party's support as Covid-19 spread the world. Luxon said he would "absolutely" be leading National into the 2026 election. "For me it's actually staying focused on what New Zealanders care about and that is actually us fixing this economy. "I appreciate it's been difficult, you know, we've had a very difficult, you know, a poor inheritance, but, you know, our job is to fix it for New Zealanders and that's what we're going to do every day." Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Zawya
4 days ago
- Business
- Zawya
Qatar's 2024 Q2 unemployment rate of 0.1% lowest in GCC
DOHA: Qatar has emerged as the Gulf Cooperation Council's (GCC) leader in labour market efficiency, recording the lowest unemployment rate in the region at 0.1 percent during the second quarter of 2024, according to a report issued by the GCC Statistical Center (GCC-STAT). The report also noted that Qatar has one of the highest proportions of expatriate workers in the GCC, with non-Qatari employees comprising 84.5 percent of the total labour force. In comparison with other GCC states, Qatar's unemployment rate reflects nearly full employment, while other member countries reported higher figures, particularly among women. Oman recorded the highest unemployment rate in the bloc at 3.6 percent, followed by Saudi Arabia at 3.5 percent. Across the GCC, the female unemployment rate averaged 10.8 percent, compared to 1.6 percent for males. Qatar reported the lowest rates for both genders, 0.4 percent for women and 0.1 percent for men, maintaining this level consistently for over a year. The report highlighted that among expatriate workers in Qatar, men account for 84.5 percent and women 15.5 percent. This aligns closely with the broader GCC, where 85.1 percent of all workers are non-nationals. Saudi Arabia's workforce is 87.1 percent non-Saudi, Oman's is 86 percent, and Kuwait's 74.4 percent. In terms of the Qatari citizen workforce, men represent 58.9 percent while women account for 41.1 percent, placing Qatar second only to Saudi Arabia, where women make up 40.5 percent of national workers. The report also noted that Qatar has one of the lowest male-to-female ratios among national workers in the GCC, with 143 working Qatari men for every 100 Qatari women, compared to Oman's 248 and Saudi Arabia's 147. The GCC-STAT data further revealed that the overall number of expatriate workers in Qatar during Q2 2024 reached 2.2 million, representing 8.9 percent of the total expatriate labour force in the region. This positions Qatar fourth behind Saudi Arabia, which employs 16.9 million foreign workers, as well as Kuwait and Oman. Despite its heavy reliance on foreign labour, Qatar's national workforce has remained stable, with only a negligible change in citizen employment figures over the previous quarter and a 0.4 percent quarterly increase. The report compiled its findings using data from official statistics agencies across GCC countries, including the Federal Competitiveness and Statistics Centre (UAE), Information & eGovernment Authority (Bahrain), General Authority for Statistics (Saudi Arabia), National Centre for Statistics and Information (Oman), National Planning Council (Qatar), and Central Statistical Bureau (Kuwait). It also drew upon international comparisons from the ILO World Employment and Social Outlook – Trends 2024. Notably, the report indicated that some datasets may be incomplete or unavailable for all GCC countries, depending on each country's data provision and release schedule. With a near-zero unemployment rate and a growing expatriate-dependent economy, Qatar continues to demonstrate a dynamic and resilient labour market, ranking among the GCC's leaders in workforce stability and inclusivity. The report underlined the country's sustained efforts in creating job opportunities, empowering women in the workplace, and maintaining labour market efficiency, all of which contribute to its economic resilience in a highly competitive regional environment. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
Yahoo
6 days ago
- Business
- Yahoo
Jobs figures to help RBA understand labour conditions
Australia's jobless rate could edge lower for July after a surprise jump a month earlier wrong-footed economists. Market expectations are for the unemployment rate to fall back to 4.2 per cent, when the Australian Bureau of Statistics releases its latest labour force survey. After the unexpected June figures economists noted the higher-than-anticipated rise was partly because of a sub-sample with a higher than average unemployment rate being rotated into the survey. So a modest reversal in Thursday's print should not be over interpreted as a sign the labour market is becoming tighter. Indeed, Reserve Bank governor Michele Bullock noted various indicators suggest conditions in the labour market had eased in recent months. "There's some sense in which the labour market is easing. There are some indicators that we think suggest that things are still a little bit on the tight side," she told reporters after the central bank cut interest rates by 25 basis points on Tuesday. "If we can maintain where we are I don't think that's a bad thing." Governor Michele Bullock explains the Monetary Policy Board's decision to lower the cash rate to 3.60 per cent You can read the full statement here: — Reserve Bank of Australia (@RBAInfo) August 12, 2025 Still, the RBA will be watching closely and a substantial deterioration in the jobs market could boost the argument for a follow-up cut in September. Deloitte Access Economics partner David Rumbens expects employment growth to ease through 2025 before stabilising, as public spending decelerates and overseas migration trends downward. Despite the resilience of the labour market since the pandemic, it was being undermined by poor productivity growth, he said in Deloitte's quarterly employment forecasts report. The fall in productivity since March 2022 had cost Australia about $150 billion in forgone economic activity per year, he estimated. Mr Rumbens urged the government to target high-impact, long-term reforms in its upcoming economic roundtable, including an overhaul of the tax system and reduced regulation, to help get productivity moving again. One regulatory change identified by the Australian Securities and Investment Commission on Wednesday could mean $8.7 billion in extra investment and an additional 35,000 homes built by institutional investors over the next five years. The Property Council backed ASIC's review of RG 97 - a regulation that required investors like super funds to disclose stamp duty when reporting fees involved in housing investments. It results in housing investments appearing more expensive than they really are, which penalises super funds for backing long-term housing supply projects, said Property Council chief executive Mike Zorbas. Treasurer Jim Chalmers said it had the potential to be a really important change. "It's a good example of where working together, we can identify regulation which is not serving its intended purpose, we can work with the regulators to act on some of that regulation where it's appropriate to do so, and we can get a good outcome," he said.
Zawya
6 days ago
- Business
- Zawya
Which data point may shine light through US jobs fog?: McGeever
ORLANDO, Florida - Amid a blizzard of contradictory signals, it's becoming increasingly difficult to get any visibility on the U.S. labor market. But of all the numbers that feed into the all-important unemployment rate, the one worth paying most attention to may be continuing weekly jobless claims. Federal Reserve Chair Jerome Powell has said that while he and his colleagues look at the "totality" of the data, the best gauge of the health of the labor market is the unemployment rate. That's currently 4.2%, low by historical standards, and consistent with an economy operating at full employment. But it is a lagging indicator, meaning that once it starts to rise sharply, the economy will probably already be in a very precarious position. And it is also being depressed by labor demand and supply factors unique to the U.S.'s current high tariff, low immigration era. LOW FIRE, LOW HIRE Economic growth is slowing. Broadly speaking, it is running at an annual rate of just over 1%, half the pace seen in the last few years. Unsurprisingly, firms' hiring is slowing too. The latest Job Openings and Labor Turnover Survey, or JOLTS, showed hiring in June was the weakest in a year, while July's nonfarm payrolls report and previous months' revisions were so disappointing that President Donald Trump fired the head of the agency responsible for collecting the data. But the unemployment rate isn't rising, largely because firms aren't firing workers. Why? Perhaps because they are banking on tariff and inflation uncertainty lifting in the second half of the year. It's also possible that firms are still scared form the post-pandemic labor shortages. Whatever the reason, the pace of layoffs simply has not picked up, the monthly JOLTS surveys show. Layoffs in June totaled 1.6 million, below the averages of the last one, two and three years. Meanwhile, lower immigration, increased deportations, and fewer people re-entering the labor force are offsetting weak hiring, thus keeping a lid on the unemployment rate. The labor force participation rate in July was 62.2%, the lowest since November 2022. And what about weekly jobless claims, another key variable in the labor market picture? In previous slowdowns, rising layoffs would be reflected in a spike in the number of people claiming unemployment benefits for the first time. That's not happening either. Last week's 226,000 initial claims were right at the average for the past year, and only a few thousand higher than the averages over the past two and three years. "It's a low fire, low hire economy," notes Oscar Munoz, U.S. rates strategist at TD Securities. REGULAR CHECK-UP One high-frequency number that has gone under the radar, but which merits more attention is continuing jobless claims, which measures the number of workers continuing to file for unemployment benefits after losing their jobs. Rising continued claims suggest people actively looking for a job are struggling to get one, a sign that the labor market could be softening. That figure spiked last week to 1.97 million, the highest since November 2021, which in theory should put upward pressure on the unemployment rate. Using the 'stock' versus 'flow' analogy, continuing claims are the 'stock,' and weekly claims are the 'flow'. Everyone will have their own view on what's more important, but right now initial claims are offering no guidance while continuing claims are pointing to softening in the job market. Fed officials are on alert, but what would move them to cut rates? Munoz and his colleagues at TD Securities estimate that continuing claims of around 2.2 million would be consistent with an unemployment rate of 4.5%, a level of joblessness most economists agree would prompt the Fed to trim rates. That's also the year-end unemployment rate in the Fed's last economic projections from June, a set of forecasts which also penciled in 50 bps of easing by December. An unemployment rate of 4.4% would probably tip the balance on the Federal Open Market Committee, while 4.3% would make it a much closer call, perhaps a coin toss. Further muddying the picture, other indicators suggest the labor market is ticking along nicely. July's payrolls report showed that average hourly earnings last month rose at a 3.9% annual rate, consistent with the level seen in the past year. And the average number of hours worked was 34.3 hours, right at the mean for the past two years. These numbers and the JOLTS data are released monthly, and there will be one more of each before the Fed's September 16-17 policy meeting. But if the increased focus on the unemployment rate means investors want a more regular labor market temperature check, they should keep a close eye on weekly continuing claims. (The opinions expressed here are those of the author, a columnist for Reuters) (By Jamie McGeever; Editing by Kirsten Donovan)
Reuters
12-08-2025
- Business
- Reuters
Which data point may shine light through US jobs fog?: McGeever
ORLANDO, Florida, Aug 11 (Reuters) - Amid a blizzard of contradictory signals, it's becoming increasingly difficult to get any visibility on the U.S. labor market. But of all the numbers that feed into the all-important unemployment rate, the one worth paying most attention to may be continuing weekly jobless claims. Federal Reserve Chair Jerome Powell has said that while he and his colleagues look at the "totality" of the data, the best gauge of the health of the labor market is the unemployment rate. That's currently 4.2%, low by historical standards, and consistent with an economy operating at full employment. But it is a lagging indicator, meaning that once it starts to rise sharply, the economy will probably already be in a very precarious position. And it is also being depressed by labor demand and supply factors unique to the U.S.'s current high tariff, low immigration era. Economic growth is slowing. Broadly speaking, it is running at an annual rate of just over 1%, half the pace seen in the last few years. Unsurprisingly, firms' hiring is slowing too. The latest Job Openings and Labor Turnover Survey, or JOLTS, showed hiring in June was the weakest in a year, while July's nonfarm payrolls report and previous months' revisions were so disappointing that President Donald Trump fired the head of the agency responsible for collecting the data. But the unemployment rate isn't rising, largely because firms aren't firing workers. Why? Perhaps because they are banking on tariff and inflation uncertainty lifting in the second half of the year. It's also possible that firms are still scared form the post-pandemic labor shortages. Whatever the reason, the pace of layoffs simply has not picked up, the monthly JOLTS surveys show. Layoffs in June totaled 1.6 million, below the averages of the last one, two and three years. Meanwhile, lower immigration, increased deportations, and fewer people re-entering the labor force are offsetting weak hiring, thus keeping a lid on the unemployment rate. The labor force participation rate in July was 62.2%, the lowest since November 2022. And what about weekly jobless claims, another key variable in the labor market picture? In previous slowdowns, rising layoffs would be reflected in a spike in the number of people claiming unemployment benefits for the first time. That's not happening either. Last week's 226,000 initial claims were right at the average for the past year, and only a few thousand higher than the averages over the past two and three years. "It's a low fire, low hire economy," notes Oscar Munoz, U.S. rates strategist at TD Securities. One high-frequency number that has gone under the radar, but which merits more attention is continuing jobless claims, which measures the number of workers continuing to file for unemployment benefits after losing their jobs. Rising continued claims suggest people actively looking for a job are struggling to get one, a sign that the labor market could be softening. That figure spiked last week to 1.97 million, the highest since November 2021, which in theory should put upward pressure on the unemployment rate. Using the 'stock' versus 'flow' analogy, continuing claims are the 'stock,' and weekly claims are the 'flow'. Everyone will have their own view on what's more important, but right now initial claims are offering no guidance while continuing claims are pointing to softening in the job market. Fed officials are on alert, but what would move them to cut rates? Munoz and his colleagues at TD Securities estimate that continuing claims of around 2.2 million would be consistent with an unemployment rate of 4.5%, a level of joblessness most economists agree would prompt the Fed to trim rates. That's also the year-end unemployment rate in the Fed's last economic projections from June, a set of forecasts which also penciled in 50 bps of easing by December. An unemployment rate of 4.4% would probably tip the balance on the Federal Open Market Committee, while 4.3% would make it a much closer call, perhaps a coin toss. Further muddying the picture, other indicators suggest the labor market is ticking along nicely. July's payrolls report showed that average hourly earnings last month rose at a 3.9% annual rate, consistent with the level seen in the past year. And the average number of hours worked was 34.3 hours, right at the mean for the past two years. These numbers and the JOLTS data are released monthly, and there will be one more of each before the Fed's September 16-17 policy meeting. But if the increased focus on the unemployment rate means investors want a more regular labor market temperature check, they should keep a close eye on weekly continuing claims. (The opinions expressed here are those of the author, a columnist for Reuters)
