New Zealand Unemployment Q2 2021

New Zealand

New Zealand: Unemployment and underutilization drop in Q2

August 4, 2021

The seasonally-adjusted unemployment rate dipped to 4.0% in Q2 2021 from 4.6% in the previous quarter, logging the lowest print in a year.

Meanwhile, the underutilization rate—which includes both unemployment and underemployment—declined to 10.5% in Q2 2021 from 12.1% in Q1 2021, therefore signaling an increase of the labor market’s capacity.

FocusEconomics panelists expect the unemployment rate to average 4.6% in 2021, which is down 0.1 percentage points from last month’s forecast, and 4.3% in 2022.

Author: Massimo Bassetti, Senior Economist

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New Zealand Unemployment Chart

New Zealand Unemployment Q2  2021

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

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