New Zealand Unemployment Q1 2019

New Zealand

New Zealand: Unemployment ticks down in Q1

May 1, 2019

The seasonally-adjusted unemployment rate edged down to 4.2%, from Q3’s 4.3%, as had been expected by market analysts. The downturn reflected lower growth in the number of unemployed people, especially among men, as a share of growth in the labor force.

In addition, the underutilization rate—which includes both unemployment and underemployment—decreased from 12.1% in Q4 to 11.3% in Q1, pointing to a fall in the labor market’s untapped capacity. Meanwhile, private sector wages rose 0.3% in Q1 on a quarter-on-quarter basis, below Q4’s 0.5% increase. All told, wage pressures are starting to build, albeit at a gradual pace.

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 Q1  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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