A brighter outlook for young people in the services industry

The services industry is a key component of New Zealand’s economy, employing about 400,000 people or 18% of all workers in New Zealand. It relies heavily on young people with 30% of workers aged 15-24. Many of these young people work part time, often to fit work around other commitments like school or tertiary study. Some of these young workers stay on in the sector to become experts in their field, like world renowned chef Josh Emett while others stay for a short period of time, like I did, and learn valuable transferable people skills that can be used in other aspects of their working lives.

Retailers relying on new customers in 2016

Consumer spending will grow at a historically average rate during 2016. However, averages can be misleading, with the composition of spending changing significantly over the year ahead. Low dairy prices, rising unemployment, and weak wage growth are expected to see consumers tighten their belts during 2016 – with individual consumers unwilling to spend in the face of job insecurity and limited income growth.

Retail sales (ex-gst)

In our latest set of forecasts weincorporated a lift in retail prices following the introduction of GST inOctober 2010.  However, the figures produced by Statistics New Zealand exclude GST – implying that the figures will not match up to our forecasts forthe index.  This article provides the figures excluding GST – and discusses whyit is useful to look at both series together.