According to the reports, New Zealand's Social Development and Employment Minister, Paula Bennett, is celebrating and the reason is the unexpected fall in the unemployment rate.
Contrary to the expectations, the unemployment fell to 6% in the March Quarter. The slip is of 1%.
Economists are baffled as they were expecting a rise in the rate. The anticipated figure calculated was 7.4%.
Reports from the Household Labor Force Survey claim, that the unemployment rate has fallen for the first time since December 2007. The rate is calculated taking into account a representative sample of 15,000 New Zealand household.
After the data was published, ASB economist Chris Tennent-Brown said he was impressed by the turn around. He further added that, 'the household sector had been one key area weighing on the New Zealand recovery.'
The statistics of March quarter depicted 19,000 men got full time jobs and the total number of hours worked also grew stronger, providing a firm lift from the global financial crises.
Figures for part time unemployment fell 3,000 during the March quarter.
Economists are trying to determine the reasons for the fall in the number of unemployed people for the March quarter. Traditionally the unemployment rate increases in March as the opportunities for part time Christmas jobs and seasonal farm jobs cease.
Challenging the convention, the number of people unemployed dropped by 25,000 this quarter.
Following the decline in the unemployment rate, the New Zealand dollar raised toUS72.75c from US72c.
