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  adjusted basis

  definition and pronunciation of legal term - adjusted basis

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  Daily Briefing, Thursday February 07, 2008

  New Zealand's unemployment rate fell to a record low of 3.4% on a seasonally adjusted basis in the December quarter, surprising economists who had forecast a rate of 3.6%. This will increase the pressure on the Reserve Bank of New Zealand to keep interest rates on hold to dampen the inflationary pressures coming through from rising wage inflation. The survey also found a record high for the labour participation rate since the survey began in March 1986 and a record high for total employment in seasonally adjusted terms. Employment rose 1.1% or 23000 to 2.173 million, while the participation rate on a seasonally adjusted basis to 68.8%. On an unadjusted basis, the numbers look even better from an employment point of view and more worrying from an inflation point of view. The unadjusted unemployment rate fell to 3.2% in the December quarter from 3.4% in the September quarter and 3.6% in the December quarter a year ago. Unadjusted employment grew 2.2% in the quarter to 2.189 million, taking the participation rate to 69.1% after the working age population rose 0.4% to 3.274 million and the number not in the workforce fell 3% to 1.012 million. The New Zealand dollar jumped 30 basis points to 78.7 US cents shortly after the data was released. The surprisingly strong employment data, although lagging other activity in the economy, puts the pressure back on RBNZ governor Alan Bollard, who is worried about the inflation rate being above his 1-3% target band. Most economists had ...

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