No job for life: the new world of work and unemplyoment

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"There's no sugarcoating it, the unemployment situation is pretty dire at the moment," says adjunct Professor of Economics Gail Pacheco, a leading economist and the Equal…

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A small-town industrial powerhouse, a Kiwi pie-making classic, a cornerstone of New Zealand's media landscape and a premium retail institution and shopping favourite.

Last week, they all announced they will add to New Zealand's rising unemployment by either closing or cutting back.

"There's no sugarcoating it, the unemployment situation is pretty dire at the moment," says adjunct Professor of Economics Gail Pacheco, a leading economist and the Equal Employment Opportunities Commissioner at the Human Rights Commission.

This month, unemployment rose to 5.7 percent - that's 174,000 Kiwis out of work, the highest in more than a decade.

"To put that into perspective, that's larger than the population of Tauranga, and it's now at the highest level ... since the global financial crisis."

It's a rise of 3000 on the previous quarter and 14,000 higher than a year ago. It should be noted that the youth unemployment rate (15 to 24-year-olds) now sits at 16.9 percent.

"The young people are among the most vulnerable in the current labour market. So not only are they disproportionately affected by unemployment, but for many, this is their ... first experience of trying to enter the workforce.

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