Employers say unemployment may have peaked

Press, 15 July 1983, Page 4

Employers say unemployment may have peaked

PA Wellington Unemployment may have peaked, according to the president of the Employers Federation, Mr Garry Tait. After a meeting yesterday of the “top tier” group — the national presidents and chief executives of the Chambers of Commerce, Federated Farmers, and Manufacturers, Employers and Retailers federations — Mr Tait said the latest unemployment figures showed the need to get “real growth back in the economy.” “Unless we can achieve growth, unemployment will continue to rise, but there are signs that an economic upturn has actually begun. If that is correct then unemployment may have

peaked,” he said. Mr Tait said there was some room for optimism but none for complacency. He said the meeting saw the need for stimulation of the economy but believed there was no special need for the Government to do it. If interest rates fell the stimulation would happen naturally with increased investment, particularly in housing and manufacturing. Over all, the wage price freeze had been good for the country but gains achieved would need to be built on it if progress was to be achieved. “If we slip back into the pre-freeze inflationary spiral the good that has been achieved will be quickly undone.”