New Zealand Unemployment Q2 2019

New Zealand

New Zealand: Unemployment rate slides again in Q2

August 6, 2019

The seasonally-adjusted unemployment rate fell to 3.9% in Q2, down from 4.2% in Q1. The improved reading, the lowest since June 2008, reflected a drop in the number of unemployed people as a share of the labor force. Employment gains were broad-based, but greater among men than women.

Moreover, the underutilization rate—which includes both unemployment and underemployment—fell from 11.3% in Q1 to 11.0% in Q2, signaling a decline in the labor market’s untapped capacity. Meanwhile, private sector wages rose 0.8% in Q2 on a quarter-on-quarter basis, above Q4’s 0.3% upturn. All told, wage pressures are beginning to intensify.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 4.3% in 2019, which is unchanged from last month’s forecast, and also 4.3% in 2020.

Author:, Economist

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New Zealand Unemployment Chart

New Zealand Unemployment Q2 2019

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

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