New Zealand Unemployment

New Zealand

New Zealand: Economy continues to add new jobs, unemployment rate drops to over 5-year low

August 6, 2014

In the second quarter of 2014, the economy added 10,000 new jobs in seasonally-adjusted terms, which followed the 21,000 jobs created in the first quarter. Q2's increase was driven by a sizeable gain in full-time jobs over to the previous quarter that more than offset a modest decline in part-time positions.

Due to the positive development in the job market, the seasonally-adjusted unemployment rate declined slightly from Q1’s 5.9% to 5.6% in Q2, which represented the lowest unemployment rate since Q1 2009. The reading undershot market expectations of a smaller drop to 5.8%.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 5.6% in 2014, which is unchanged from last month’s forecast. For 2015, the panel expects the unemployment rate to average 5.2%.


Author: Teresa Kersting, Economist

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New Zealand Unemployment Chart


New Zealand Unemployment Q2 2014

Note: Quarter-on-quarter seasonally adjusted and annual variation of retail sales in %.
Source: Statistics New Zealand and FocusEconomics calculations.


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