By ESTHER HARWARD - Sunday Star Times
Another 38,000 people could lose their jobs in the next couple of years as the economy slows, and people working in real estate, housing construction, retailing, manufacturing and business services are most at risk. ANZ National Bank chief economist Cameron Bagrie said these sectors had grown off the property-market boom and accounted for 60% of new jobs over the past five years. "The economic slowdown is broadening quite quickly from the housing market into retail. As retailers are selling less, they need less stock, and that's now following into the manufacturing sector." The downturn has already begun - last week about 1000 New Zealand jobs were lost when Fisher & Paykel, ANZ National Bank and Tamahine Knitwear said they were moving jobs offshore. Bagrie predicted unemployment would climb from 3.4% to 5% - increasing the jobless from 77,000 to 115,000.