Rampant Brumbies, Incompetent Chiefs, and Feral Cantabs: yet more reasons to curse at rugby in February.
Bring on Bangladesh...
@Donsteppa it is more the way the figures are used disingenuously by the government of the day to say everything's alright and "how good are we as economic managers!"
I'm not sure how it is in Oz, the NZ process is that the figures are surveyed neutrally by Stats NZ, published, then every man and their dog puts their own spin on them (and in the case of some business journalists, spin plus lack of understanding )
@Donsteppa Stats NZ have other measures - probably the most relevant to this discussion is underutilisation, which is everyone who is not employed full time (I.e. 30+ hours/week) but wants to be (so includes unemployed and underemployed, and is 12.1% or 351,000 New Zealanders.
Yep, I was lazy in just referring to underemployment. People get quite wound up at how low the official definition of employment is (from memory either an hour or two a week), but it's one of many good reasons why things like underutilisation are measured.
why is unemployment at record lows currently?
Lies, Damned Lies, and Statistics.
There is employment, unemployment, and underemployment. As we increasingly shift toward a gig economy, reporting on employment in the traditional sense will be increasingly unreliable as a measure of success. Zero contract jobs spring to mind. Food delivery drivers, etc.
Out of curiosity, how do you see those not being captured by the official figures - now or in the future? All of the things you mention are measured in some shape or form (including the often overlooked participation rate). I think the measure of underemployment will become increasingly important/need to be reported on more widely as the gig economy grows, but it's already surveyed for now.
@jegga Another good reason to only read the comments section on Stuff.
Imagine finding that level of 'journalism' behind a paywall. NZME is in for a rude shock.