Unemployment

Press, Volume CXII, Issue 33063, 2 November 1972, Page 14

Unemployment

The 5149 unemployed at the end of October represent an increase of 1591 on the total in October, 1971; and this year’s figures are still the highest, month by month, of any year since 1968. Nevertheless, the latest figures strongly suggest that unemployment has passed its peak. The fall in unemployment since July, the peak month, now totals 2118, compared with a mere 578 in the same four months of last year; and in the same period notified vacancies rose by 1275 compared with 384 last year. Of those unemployed at the end of October, 3882 were receiving unemployment benefit—a drop of 1059 compared with four months earlier. There are still 2556 on work provided by Government departments or local bodies, a drop of 688 in four months. ■,

The unemployed still outnumber job vacancies —3640 at the end of October—as they have done since May last year; but this situation will be reversed in the next few weeks if recent trends are maintained. The relationship between the supply of labour and the demand for labour can change rapidly in New Zealand as the experience of 1968-69 shows: from an excess supply of labour of 6522 in July, 1968, to an excess demand for labour of 125 by February, 1969. The fall in unemployment and the rise in job vacancies this year are greater than can be accounted for by seasonal trends. They attest to a return of confidence among employers—and, no doubt, among National Party candidates for office at the General Election 10 days after the next statistics are due.