New Zealand: Unemployment rate picks up to 13-year high
November 8, 2012
In the third quarter, the economy lost 8,000 jobs in seasonally adjusted terms, which was two times the revised 4,000 jobs lost in the second quarter (previously reported: -2,000 jobs). The quarterly print reflected a strong drop in full-time jobs, which was not compensated by an increase in part-time positions. As a result of the deterioration observed in the labour market, the unemployment rate rose to 7.3% on a seasonally-adjusted basis in Q3, which was above the 6.8% rate recorded in the previous three-month period. The print represents the highest rate since the third quarter of 1999 and contrasted market expectations that had the unemployment rate falling to 6.7%. The Reserve Bank of New Zealand expects the unemployment rate to fall to 5.6% by the end of this fiscal year (ending March 2013) and to drop further to 4.8% in fiscal 2013.
Author: Armando Ciccarelli, Head of Data Solutions