New Zealand Unemployment Q3 2016

New Zealand

New Zealand: Unemployment Q3 2016

November 3, 2016

New Zealand’s labor market continued to strengthen in the third quarter of this year. The economy added 34,000 new jobs in Q3, coming in below the 58,000 job gain registered in Q2.

According to the press release, the labor force participation rate also rose from 69.7% in the second quarter to 70.1% in the third quarter of the year.

The Statistical Office also reported that the unemployment rate had edged down from 5.1% in Q2 to 4.9% in Q3, marking a near eight-year low. The reading surprised market analysts who had expected the unemployment rate to remain unchanged at the 5.1% print observed in Q2.

The number of employed workers increased by 1.4% in Q3 to reach 2.5 million people, confirming that the labor market in New Zealand continues to strengthen. The labor force continues to increase due to strong net immigration, on top of the positive trend in participation by women and older workers. Wage growth, however, remained subdued in the third quarter.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 5.1% in 2016, which is down 0.1 percentage points from last month’s forecast. For 2017, the panel expects the unemployment rate to average 4.6%., which is down 0.5 percentage points from last month’s forecast

Author: Jean-Philippe Pourcelot, Economist

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New Zealand Unemployment Chart

New Zealand Unemployment Q3 2016

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

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