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Tables 4 & 5: Labour Market Indicators

Table 4 - Labour Market Indicators - Annual Average Percentage Change
March Year 2009
Actual		 2010
Estimate		 2011
Forecast		 2012
Forecast 		2013
Forecast 		2014
Forecast
Real GDP (production basis) -1.4 -0.3 3.2 3.1 2.9 3.0
Working Age Population 1.1 1.4 1.4 1.2 1.1 1.0
Labour Force 1.8 0.7 0.1 1.0 1.5 1.6
Employment - Full Time Equivalents* 0.8 -1.9 0.2 2.0 2.1 2.0
Labour Productivity* -2.2 1.6 3.1 1.1 0.9 1.0
Labour Productivity ** -1.8 3.1 2.8 0.8 0.5 0.8
CPI  (annual percentage change) 3.0 2.2 5.9 2.4 2.4 2.4
Average Ordinary Time Hourly Wages 5.3 4.2 2.5 3.3 3.6 3.8
Average Weekly Earnings 4.9 4.8 2.0 3.7 4.0 4.0
Real Wages 1.4 2.2 -1.4 -0.6 1.3 1.2
Compensation of Employees 4.0 2.1 1.9 5.7 6.1 6.1
Unit Labour Costs (Hours worked basis) 7.2 1.2 -0.4 2.6 3.1 3.0
Real Unit Labour Costs 3.2 -0.7 -4.1 -1.4 0.7 0.4

* Full time equivalent basis

** Hours worked basis

Table 5 - Labour Market Indicators - (Number (000's)
As at March Quarter 2009
Actual		 2010
Estimate		 2011
Forecast		 2012
Forecast		 2013
Forecast		 2014
Forecast
Total Population 4,306 4,360 4,405 4,447 4,488 4,529
     Natural Increase 35 32 34 32 31 30
     Net  Migration 7 22 12 10 10 10
     Annual Change 42 54 45 42 41 40
Working Age Population      3,361 3,412 3,456 3,495 3,532 3,567
     Annual Change          38 51 44 39 37 36
Not in the labour force     1,059 1,087 1,128 1,137 1,139 1,138
     Annual Change          -11 28 41 9 2 -1
Labour Force                2,302 2,325 2,328 2,358 2,393 2,429
     Annual Change           49 23 3 30 35 37
Total Employment            2,173 2,140 2,166 2,214 2,257 2,305
     Annual Change          16 -33 26 47 44 48
Unemployment                129 185 162 145 136 124
     Annual Change          33 57 -23 -18 -9 -11
Participation Rate (%seasonally adjusted)    68.4 67.8 67.1 67.3 67.6 68.0
Unemployment Rate (%seasonally adjusted)    5.0 7.1 6.2 5.5 5.1 4.6

Source: Statistics New Zealand, The Treasury

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