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New Zealand Unemployment Jumps To 6.0%

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The jobless rate in New Zealand jumped by the highest amount in nearly 21 years in the 2nd quarter of 2009, exceeding economists predictions.

Statistics NZ reported Thursday that the nation's jobless rate increased to 6.0 percent, a full percentage point higher that the rate in Q1.

It marked the biggest on-quarter increase in joblessness since the September 1988 quarter.

Most economists had forecast a jobless rate of 5.7 percent.

The unemployment rate and the number of people unemployed have both been increasing for six straight quarters.

Statistics NZ said the number of unemployed persons increased 20.6 percent in the June 2009 quarter.

The number of New Zealanders employed full time decreased by 18,000 while part time employment increased by 7,000.

The agency said New Zealand's employment participation rate remained unchanged from the March quarter at 68.4 percent.

(Market News Provided by RTTNews)

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