New Zealand Unemployment

New Zealand

Unemployment rises to highest level in over a year

In the first quarter, the economy created 9,000 jobs in seasonally adjusted terms, which followed on the revised 4,000 jobs gained in the fourth quarter (previously reported: +3,000 jobs). The quarterly figure reflected a gain of 13,000 part-time jobs, while 4,000 full-time jobs were lost, which, nonetheless, represented an improvement compared to the 12,000-job drop recorded in the previous quarter. Despite the modest gain in the labour market, the unemployment rate rose to a seasonally adjusted 6.7% in the first quarter, which overshot both the revised 6.4% rate recorded in the previous quarter (previously reported: 6.3% quarter-on-quarter) and market expectations that had the unemployment rate falling to 6.3%. The Q1 jobless rate marked the highest level since the fourth quarter of 2010. 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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