Misery stats are smiling

If you're feeling miserable, it's not because of the economy.

So says the economic research firm Infometrics, whose "misery index" shows the nation enjoying the happiest economic circumstances in years.

Infometrics compiles the index by looking at five indicators - inflation, unemployment, interest rates, GDP growth and the current account balance - to get a handle on our economic well being.

On that basis, the period from 1999 - when Labour became Government - to the present is the third-rosiest period the economy has enjoyed in the past 30 years.

The only time things were better, says Infometrics, were during the 1993-96 National Government and during Labour's watch in 1972-1975.

Under Helen Clark's leadership, says Infometrics, there have been no spectacular economic improvements, but most of the indicators have improved steadily .

Infometrics says the numbers add weight to Clark's re-election prospects, but economic contentment does not always bring electoral success; the Kirk-Rowling Government of 1972-75 achieved a better misery index rating, only to be deposed by National's Robert Muldoon.