New Zealand Unemployment

New Zealand

Unemployment rate picks up to 13-year high

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.

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New Zealand Unemployment Chart

New Zealand Unemployment Q3 2012

Note: Total new jobs in thousands and seasonally adjusted unemployment rate in %.
Source: Statistics New Zealand and FocusEconomics calculations.

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