Thursday, November 11, 2004


The Household Labour Force Survey is out, and reports that unemployment has fallen to 79,000, or 3.8%. And it's a real decrease in the number of unemployed, not just an increase in the size of the labour force (though that has increased too). In other words, good news - and all the better because it will make Brash splutter. When he was Governor of the Reserve Bank, he would crash the economy whenever there were too many people in jobs in order to keep wages down. His threshhold for doing so was around 6% - imagine how worried he must be with unemployment this low...