16 The rate of growth of both part-time and full-time employment eased off for the second quarter in a row however the number of people employed continues to rise. The labour force participation rate dipped slightly in the latest quarter however unemployment dropped further to 4.8% - the lowest since 2008. As inflation increases we should also see wages begin to rise. For us to see a significant correction in the housing market there would have to be a turnaround in employment meaning people will not be able to pay mortgages or rent. Employment Annual Change in Employment, Full-time and Part-time Labour Force Participation Rate Unemployment Rate Source: Statistics New Zealand