Unemployment in New Zealand
New Zealand - Unemployment
Unemployment rises in Q4
After two years of continued labor market tightening, New Zealand’s unemployment rate rose in the fourth quarter of 2018. The seasonally-adjusted unemployment rate edged up to 4.3%, from an upwardly revised 4.0% in Q3 (previously reported: 3.9%) and overshooting market analysts’ expectations. The upturn reflected higher growth in the number of unemployed people, up 10,000 from Q3, as a share of growth in the labor force, which was up 12,000 people.
In addition, the underutilization rate—which includes both unemployment and underemployment—increased from 11.4% in Q3 to 12.1% in Q4, suggesting a rise in the labor market’s untapped capacity. Meanwhile, private sector wage growth climbed 0.5% in Q4 on a quarter-on-quarter basis, matching Q3’s result. All told, this suggests wage pressures are starting to build, albeit at a gradual pace.
FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 4.4% in 2019, which is unchanged from last month’s forecast, before inching 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 | 2.11 | 1.20 % | Mar 11 |
| Exchange Rate | 0.68 | -1.69 % | Mar 11 |
| Stock Market | 4,156 | 0.11 % | Mar 11 |
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Economic News
New Zealand: Consumer confidence declines slightly in February
March 1, 2019
The ANZ-Roy Morgan consumer confidence indicator edged down to 120.8 in February, from January’s 121.7.
New Zealand: Business confidence retreats in February
February 28, 2019
The ANZ bank business outlook indicator dipped further into pessimistic territory in February, losing more than a half of December’s gains.
New Zealand: RBNZ leaves OCR unchanged in February
February 13, 2019
At its first meeting of the year, held on 13 February, the Reserve Bank of New Zealand (RBNZ) left the official cash rate (OCR) unchanged at a record-low of 1.75%, where it has been since November 2016.
New Zealand: Unemployment rises in Q4
February 6, 2019
After two years of continued labor market tightening, New Zealand’s unemployment rate rose in the fourth quarter of 2018.
New Zealand: Consumer confidence roughly unchanged in January
February 1, 2019
The ANZ-Roy Morgan consumer confidence indicator inched down to 121.7 in January, from December’s 121.9.
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