New Zealand Unemployment Q3 2020

New Zealand

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.

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 Q3  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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