Thursday, November 25, 2021
The Reserve Bank of New Zealand (RBNZ) raised interest rates by 25 basis points to 0.75% during its last policy meeting of the year yesterday, after the rate of consumer price inflation was recorded at 4.9% in the third quarter, the highest since December 2007.
The hike to the national official cash rate (OCR) was widely expected by economists and the markets alike: 21 of the 23 economists surveyed in a November 15-19 Reuters poll predicted an increase of 25 basis points, while the other two projected an increase by 50 basis points, to 1%.
New Zealand’s handling of COVID-19 included injecting “huge amounts of fiscal and monetary stimulus” into the economy, according to The Guardian, in line with other major economies, which has pushed the unemployment rate to the lowest and inflation to its highest in over a decade. Stimulus spending and low interest rates, along with a shortage in housing led home prices to double in the last seven years, the least affordable of the OECD nations, according to Reuters.
A statement from the Reserve Bank said the “near-term rise in inflation [accentuated] by higher oil prices, rising transport costs and the impact of supply shortfalls” are risking “generating more generalised price rises”, as reported by ABC News. The RBNZ forecasts rates would rise to 2.5% by 2023, and still higher by 2024, according to Reuters; however, medians from a Friday article predicted the OCR would reach only 2% by year-end 2023, below what it was in 2014.
More recent projections include to 2% by mid-2022 according to economist at Capital Economics Ben Udy, to a high of 3% by Q3 2023 according to acting chief economist at Westpac Michael Gordon, including a 0.5% rate hike during the RBNZ’s next meeting in February, as reported by The Guardian.
Yesterday’s announcement came after a widely-expected rate hike from 0.25% to 0.5% on October 6, the first in seven years, as part of the RBNZ’s tightening cycle initially slated to begin August but pushed back due to the Delta variant of COVID-19 and lockdown in the capital city Auckland. Senior market strategist at the Bank of New Zealand Jason Wong told Reuters then: “We’re on a path towards a series of rate hikes and the market is well priced for that.”
RBNZ Governor Adrian Orr told reporters yesterday “we see steady steps of 25 basis points back to levels where the OCR is marginally above the neutral rate as the most balanced approach we can take”, though Reuters reports the bank had considered a range of options, including a 50 basis point hike.
Orr added on housing, “Homeowners who have just entered the market with extremely high leverage levels have to be incredibly wary and have to understand they have to weather the higher interest rates”, after earlier taxes levied on property investors failed to cool rising house prices, which Reuters reports the RBNZ believes are above their sustainable level, and at increased chance for a correction. He also defended the stimulus but noted the growth in household debt ensuing.
While countries globally are winding down pandemic-related stimulus measures, according to Reuters, there has been pushback from some countries when it comes to raising interest rates: in the United States, the inflation rate recently rose to 6.2%, the highest in 31 years, which has led some economists to put pressure on Federal Reserve chair Jerome Powell to accelerate the process of tapering its monthly bond purchases, according to the Associated Press. The Bank of England and European Central Bank (ECB) also both withstood criticism for a forecasted rise in inflationary pressures, according to The Guardian and Reuters.
ECB President Christine Lagarde told the European Parliament on November 15 “an undue tightening of financing conditions is not desirable, and would represent an unwarranted headwind for the recovery”, adding “[i]f we were to take any tightening measures now, it could cause far more harm than it would do any good”, as reported by Reuters.
Australia’s Reserve Bank of Australia (RBA) maintained its position that interest rates are not likely to rise until 2024. RBA Governor Philip Lowe told an Australian Businesses Economists lunch last week “the latest data and forecasts do not warrant an increase in the cash rate in 2022”, and for one to be considered by the board “[t]he economy and inflation would have to turn out very differently from our central scenario”, according to ABC News.
However, several central banks have increased rates ahead of even New Zealand: Reuters names Norway, the Czech Republic and South Korea, which is expected to raise rates again in a meeting today.
Reuters reports the New Zealand dollar fell 0.6% due to some investors predicting a higher hike, and both 2- and 10-year government bonds slipped by 10 basis points each.
January
11
Demand For Nursing Jobs Tips The Scale Above All Other Professions On Health Career Web.Com
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HealthCareerWeb.com, a division of Dominion Enterprises, has profiled the top profession-based search engine queries that health care job seekers used to find the Web site in the past three months. The most popular requests were queries for nursing jobs at 22.43% – a refreshing response to the widespread nursing shortage nationwide.
The next most popular queries were for pharmacy technician jobs at 17.40%, followed closely by medical assistant jobs at 16.76% and home health care jobs at 15.45%. Trailing behind, in consecutive order, were dental assistant jobs at 6.09%, health care management jobs at 4.32%, medical billing jobs at 2.17%, nuclear medicine jobs at 1.83%, art therapy jobs at 1.74% and phlebotomy jobs at 1.65%.
This popularity of nursing job searches supports an observation from the Bureau of Labor Statistics Occupational Outlook Handbook 2008-09 ed., enrollments in nursing programs at all levels have increased more rapidly in the past few years as students seek jobs with stable employment. Another statement from the from the same source continues, employment of registered nurses is expected to grow 23 percent from 2006 to 2016, much faster than the average for all occupations.
According to Denise Tanner, business development manager at HealthCareerWeb.com, We often see requests for nursing jobs by region. For example, nursing jobs in Michigan and even requests by discipline, such as pediatric nursing jobs. We do our best to offer online nursing-job seekers a variety of employer ads from across the nation.
HealthCareerWeb.com is a leading healthcare job board and social network for nurses, surgeons, physicians, and others in the medical field. The Web site provides a space for medical professionals to search for careers in the health care field, as well as gather information and exchange ideas with others in the medical industry through its MedCom community. All search query data for HealthCareerWeb.com is compiled from Omniture SiteCatalyst.
About Dominion Enterprises
Dominion Enterprises, a division of Landmark Communications, is a leading marketing services company serving the automotive, real estate, apartment, recruitment and marine markets. The company operates a variety of businesses that offer Internet marketing, Web site design and hosting, lead generation, CRM, and data capture and distribution services. The company has more than 40 market-leading Web sites reaching more than 12.5 million unique monthly visitors, and more than 500 magazines with a weekly circulation of over 5 million. Headquartered in Norfolk, Va., the company has nearly 6,000 employees nationwide and annualized revenue of more than $946 million. For more information, visit .
January
10
Haiti might have to postpone elections again
Saturday, December 24, 2005
The first round of the presidential elections, currently scheduled for January 8, 2006, might have to be delayed, according to some members of the electoral council. This would mark the 4th time the presidential elections have been moved, and the 5th time for all elections.
The chairman of the council, Max Mathurin, expressed concern over political unrest that could occur if conditions were not adequate to ensure fair elections. He said, “If certain major technical problems are not solved, elections on Jan. 8 could be a catastrophe.” The problems related to the current possible postponement involve distribution of voter identification cards, a lack of poll centers, and recruitment of poll center workers. According to Reuters, only 500,000 of the 3.5 million voter identification cards have been handed out and few of the 40,000 needed poll workers have been recruited.
Rosemond Pradel, Secretary-General of the electoral council, told reporters that sometime between January 22 and January 29 would likely be the new dates of the elections are indeed rescheduled. However one council member, Patrick Fequiere, suggested that several months might be needed to guarantee fair elections. Pradel blames the delays, in part, on the Organization of American States (OAS). He is quoted as saying, “Our decision to set the January 8th deadline for the first round was based on OAS’ commitment that voting cards distribution would have been completed by December 25.”
However the OAS struck back in Friday saying that “Ninety per cent of the cards are already in the electoral centres, waiting for people to pick them up,” and “Our problem is that most voters have stopped coming to the centres,” according to OAS spokeperson Louise Brunet. Denneth Modeste, OAS ambassador to Haiti, says that people are not coming to the centres to pick up their cards because they don’t believe the elections will take place as scheduled. She said that “the Provisional Electoral Council should be the leading agency inciting people to collect their cards, instead of spreading doubts.”
One presidential candidate, Evans Paul, complained about the problems saying “I’ve never seen elections so poorly organized,” and “it’s not acceptable that people have to struggle for hours in line to register, they have to do the same to get the voting cards, and now they have to walk six hours to reach a place to cast their ballot.”
Max Mathurin says that they should know by next week whether or not the current date of January 8, 2006 is a realistic target for holding the first round of the presidential elections. Juan Gabriel Valdes of the UN’s peacekeeping missions says that his people are completely ready for elections if they are to take place on January 8th.