New Zealand: Unemployment rises in third quarter
November 3, 2011
In the third quarter, the economy added 4,000 new jobs in seasonally adjusted terms, following a 3,000 job gain recorded in the second quarter. The quarterly improvement reflected gains in full-time jobs (+7,000 jobs), while part-time jobs registered a loss (-3,000 jobs). Despite the modest gain in the labour market in the third quarter, the unemployment rate inched up to 6.6% in seasonally adjusted terms, which was up from the 6.5% rate observed in the second quarter. The reading overshot market expectations, which had the unemployment rate dropping to 6.4%. In its September Monetary Policy statement, the Reserve Bank of New Zealand projected that the unemployment rate will end this fiscal year (ending March 2012) at 6.5% before falling further to 5.7% in fiscal 2012.
Author: Ricardo Aceves, Senior Economist