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Updated Friday, February 5, 2010 10:50 am TWN, AFP

Sharp spike in N. Zealand unemployment numbers

WELLINGTON -- New Zealand issued a “don't panic” plea yesterday after data showed unemployment jumped to a 10-year high as the country struggles to recover from effects of the global meltdown.

The local currency was also hit after the Household Labour Force Survey put the jobless rate at 7.3 percent after the number of people out of work rose 18,000 to 168,000 in the three months to the end of December. The figure was up from the 6.5 percent in the previous quarter and much worse than expected.

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