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%.