PHOTO: Economic depression
New graphs depict the alarming economic impact of COVID-19 in New Zealand, showing a sharp drop in business confidence and a massive spike in Jobseeker support.
Jobseeker recipients have shot up in the past three weeks to April 8, coinciding with the four-week lockdown and Treasury expects the number of people receiving Jobseeker support to continue increasing in the coming weeks.
Auckland & NZ hit record median prices before COVID-19 hit, says REINZ
One of the graphs released by Treasury as part of its first weekly COVID-19 Economic Dashboard shows Jobseeker support numbers at almost 170,000 in 2020 compared to about 130,000 in 2019.
Another graph shows how business confidence continues to tumble, falling a further 9 percent to -73 percent in the preliminary April ANZ Business Confidence Outlook survey.
The graph also shows that business activity has plummeted 34 points with a net 61 percent of firms expecting lower activity in the year ahead – a record low.
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