In the third quarter, the economy lost 8,000 jobs in seasonally adjusted terms, which was two times the revised 4,000 jobs lost in the second quarter (previously reported: -2,000 jobs). The quarterly print reflected a strong drop in full-time jobs, which was not compensated by an increase in part-time positions. As a result of the deterioration observed in the labour market, the unemployment rate rose to 7.3% on a seasonally-adjusted basis in Q3, which was above the 6.8% rate recorded in the previous three-month period. The print represents the highest rate since the third quarter of 1999 and contrasted market expectations that had the unemployment rate falling to 6.7%. The Reserve Bank of New Zealand expects the unemployment rate to fall to 5.6% by the end of this fiscal year (ending March 2013) and to drop further to 4.8% in fiscal 2013.
New Zealand Unemployment
Unemployment rate picks up to 13-year high
November 8, 2012
Looking for forecasts related to Unemployment in New Zealand? Download a sample report now.
New Zealand Unemployment Chart
Note: Total new jobs in thousands and seasonally adjusted unemployment rate in %.
Source: Statistics New Zealand and FocusEconomics calculations.
New Zealand Economic News
October 19, 2016
In Q3, consumer prices edged down from the quarter-on-quarter seasonally-adjusted 0.4% increase observed in Q2 to 0.2%.
September 30, 2016
Economic sentiment among New Zealand businesses rebounded in September after declining for two consecutive months.
September 22, 2016
At its meeting held on 22 September, the Reserve Bank of New Zealand (RBNZ) decided to keep the Official Cash Rate (OCR) at 2.00%.
September 19, 2016
New Zealanders’ confidence rose in Q3 after having deteriorated in the previous two quarters.
September 15, 2016
GDP grew a seasonally-adjusted 0.9% over the previous quarter in Q2, which matched the result tallied in Q1.