New Zealand Unemployment

New Zealand

New Zealand: Unemployment rate falls to over 5-year low

November 5, 2014

In the third quarter of 2014, the economy added 18,000 new jobs in seasonally-adjusted terms, which followed the 11,000 jobs created in the second quarter. Q3's improvement was driven by a large increase in full-time jobs that more than compensated for a mild decline in part-time positions.

Due to the positive development in the job market, the seasonally-adjusted unemployment rate declined slightly from Q2’s 5.6% to 5.4% in Q3, which represented the lowest unemployment rate since Q1 2009. The reading came in below market expectations of a slightly smaller drop to 5.5%.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 5.6% in 2014, which is down 0.1 percentage points from last month’s forecast. For 2015, the panel expects the unemployment rate to average 5.3%, which is up 0.1 percentage points from last month’s projection.

Author: Teresa Kersting, Economist

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New Zealand Unemployment Chart

New Zealand Unemployment Q3 2014

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

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