New Zealand: Unemployment rate falls more than expected in the third quarter
October 28, 2010
Unemployment fell, buttressed by a better?than-expected performance in the economy. In the third quarter, the economy added 23,000 jobs in seasonally adjusted terms, which contrasted the revised 2,000 jobs lost in the second quarter (previously reported: 5,000 jobs lost). The three-month figure to September marked the highest number of jobs added since Q2 2008. The labour market improvement reflected a gain in both part-time and full-time time jobs. As a result of the labour market improvement in the July-September period, the unemployment rate fell from a seasonally adjusted 6.9% in the second quarter to 6.4% in the third, even better than upbeat market expectations, which had the unemployment rate falling to 6.7%.
Author: Ricardo Aceves, Senior Economist