Massive job losses possible - NZIER

An economic think tank is predicting massive jobs losses and further tough times over the next year.

The New Zealand Institute of Economic Research has just released its quarterly consensus forecast for the year to March 2010.

Spokesman Shamubeel Eaqub says the data is averages from a range of financial and economic agencies.

"The consensus is expecting the unemployment rate to rise to 7.2 per cent, from five per cent currently. That's quite a few job losses over the next 12 months- it equates to about 60,000 job losses."

Shamubeel Eaqub says this is despite hints of economic stabilisation.

- NEWSTALK ZB