New Zealand: Unemployment remains steady
August 4, 2011
In the second quarter, the economy added 3,000 jobs in seasonally adjusted terms, after a revised 27,000 job gain observed in the first quarter (previously reported: +30,000 jobs), which had marked the greatest increase since the second quarter of 2008. The quarterly reading reflected gains in full-time jobs (+4,000 jobs), while part-time jobs recorded a loss (-1,000 jobs). As a result of the modest gain in the labour market in Q2, the unemployment rate remained stable at 6.5% in seasonally adjusted terms, which mirrored the development observed in Q1. The reading was broadly in line with private sector analysts expectations, which had the index rising to 6.6%. According to its June monetary policy statement, the Reserve Bank of New Zealand projects the unemployment rate to end this fiscal year (ending March 2012) at 6.6% before falling further to 5.9% in fiscal 2012.
Author: Ricardo Aceves, Senior Economist