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.
New Zealand Unemployment
Unemployment rises to highest level in over a year
May 3, 2012
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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.