Unemployment rises to 5.9 per cent

Unemployment in Cyprus dropped by 9.7 per cent in July 2015, according to data released on Wednesday by the statistical service. Annual private sector labour costs rose 1.8 percent, in line with economists’ expectations.

It further clarified that with an economically active or working age population of 103.5 million and labour force population of 74.0 million, the rate indicated that 29.5 million persons within the economically active or working age population decided not to work for various reasons in Q2, compared to 29.3 million in the preceding quarter of this year.

The Labor Cost Index showed private-sector wages rose 0.5% on the quarter and were up 1.8% on the year.

The actual number of people unemployed in Ireland rose slightly during the month, however, standing 300 higher than the seasonally adjusted figure for June at 208,900.

“Even though employment grew over the quarter, population growth was greater, which resulted in a lower overall employment rate for New Zealand”, said labor market and household statistics manager Diane Ramsay.

So it could take time for the slowing economy, growing about 2.5 per cent a year, would affect demand for workers in the face of a growing workforce during the current migration boom. The manufacturing industry showed the strongest annual employment growth. It is also the first time it has outstripped employment growth since September 2012, said Statistics New Zealand.

Auckland’s unemployment rate fell to 6.3 percent in the June quarter from 6.9 percent in the March period, while Canterbury’s increased 0.2 of a percentage point to 3.3 percent, still the lowest in the country.

The old definition however created a major challenge, as those who work for less than 40 hours, were classified as unemployed.