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.
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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