New Zealand Unemployment Q4 2020

New Zealand

New Zealand: Unemployment drops in Q4

February 3, 2021

The seasonally-adjusted unemployment rate fell to 4.9% in Q4 from 5.3% in the previous quarter, which had marked the highest print since Q4 2016.

Meanwhile, the underutilization rate—which includes both unemployment and underemployment—fell to 11.9% in Q4 from 13.2% in Q3, which had marked the highest reading since Q1 2016, and therefore signaled some reduction in the labor market’s untapped capacity.

FocusEconomics panelists expect the unemployment rate to average 6.2% in 2021, which is unchanged from last month’s forecast, and 5.4% in 2022.

Author: Massimo Bassetti, Senior Economist

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New Zealand Unemployment Chart

New Zealand Unemployment Q4  20 20

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

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