Unemployment in New Zealand
New Zealand - Unemployment
Unemployment rate falls to lowest in over a decade
New Zealand’s labor market tightened further in the third quarter of the year. The seasonally-adjusted unemployment rate dropped sharply from a downwardly revised 4.4% in Q2 (previously reported: 4.5%) to 3.9% in Q3, marking the lowest print since Q2 2008 and beating market expectations. The dip reflected a fall in the number of unemployed people by 13,000 and a strong rise in employment of 30,000 workers in Q3.
In a similar vein, the underutilization rate—which includes both unemployment and underemployment—declined notably from 12.0% in Q2 to 11.3% in Q3. Nevertheless, it remains elevated, suggesting that slack in the labor market persists. Meanwhile, private sector wage growth slowed to 0.5% in Q3 on a quarter-on-quarter basis, down from 0.6% in Q2. Despite the downtick, there are signs that wage pressures are starting to build, albeit at a very gradual pace.
New Zealand Unemployment Rate Forecast
FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 4.4% in 2019, which is unchanged from last month’s forecast, and inch up to 4.5% in 2020.
New Zealand - Unemployment Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Unemployment Rate | 5.8 | 5.4 | 5.4 | 5.1 | 4.7 |
New Zealand Unemployment Chart
Source: Statistics New Zealand and FocusEconomics calculations.
New Zealand Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 2.32 | 1.20 % | Jan 14 |
| Exchange Rate | 0.68 | -1.69 % | Jan 14 |
| Stock Market | 3,977 | 0.11 % | Jan 14 |
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Economic News
New Zealand: Consumer confidence trends upward in December
December 21, 2018
The ANZ-Roy Morgan consumer confidence indicator rose to 121.9 in December from 118.6 in November, marking a second consecutive monthly increase after trending down for five-months.
New Zealand: Growth slows to a near five-year low in Q3
December 19, 2018
According to data released by the Statistical Institute, quarter-on-quarter seasonally-adjusted national accounts for the third quarter were the weakest since late 2013.
New Zealand: Business confidence improves in December
December 18, 2018
The ANZ Bank Business Outlook indicator reported significant improvements in business confidence in December, with a net 24.1% of surveyed firms reporting pessimism over general business conditions in the year ahead (November: 37.1%).
New Zealand: Consumer confidence recovers from three-year low in November
November 30, 2018
The ANZ-Roy Morgan consumer confidence indicator climbed to 118.6 in November from 115.4 in October, which had marked the lowest reading in three years.
New Zealand: Business confidence remains steady in November
November 29, 2018
The ANZ Bank Business Outlook indicator showed that a net 37.1% of surveyed firms were pessimistic over general business conditions in the year ahead in November, unchanged from October.
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