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
5 years of economic forecasts for more than 30 economic indicators.
New Zealand Unemployment Chart
Source: Statistics New Zealand and FocusEconomics calculations.
New Zealand Facts
|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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March 1, 2019
The ANZ-Roy Morgan consumer confidence indicator edged down to 120.8 in February, from January’s 121.7.
February 28, 2019
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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.
February 6, 2019
After two years of continued labor market tightening, New Zealand’s unemployment rate rose in the fourth quarter of 2018.
February 1, 2019
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