New Zealand skyline

New Zealand Unemployment Q2 2020

New Zealand: Unemployment dips as people stop looking for a job in Q2

The seasonally-adjusted unemployment rate unexpectedly fell to 4.0% in Q2 from 4.2% in the previous quarter. The reading was notably below market expectations of a 5.8% unemployment rate, and reflected a drop in people actively looking for a job amid the fallout of the pandemic and government-funded wage subsidy schemes.

Meanwhile, the underutilization rate—which includes both unemployment and underemployment—climbed from 10.4% in Q1 to 12.0% in Q2, marking the largest quarterly rise on record and signaling a sustained increase in the labor market’s untapped capacity. Moreover, hours worked fell by a record-breaking 10.3%, while private sector wages rose a timid 0.2% in Q2 on a quarter-on-quarter basis, marginally down from Q1’s already subdued 0.3% upturn.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest