New Zealand: Unemployment jumps to nearly four-year high in Q3
November 4, 2020
The seasonally-adjusted unemployment rate rose to 5.3% in Q3 from 4.0% in the previous quarter. The reading broadly matched market expectations of a 5.4% unemployment rate and marked the highest print since Q4 2016.
Meanwhile, the underutilization rate—which includes both unemployment and underemployment—rose from 12.0% in Q2 to 13.2% in Q3, marking the highest reading since Q1 2016 and signaling a sustained increase in the labor market’s untapped capacity. Meanwhile, hours worked recovered and jumped by 9.4% from the previous quarter.