Unemployment in New Zealand
New Zealand - Unemployment
Unemployment rises moderately ahead of Covid-19 lockdown in Q1
The seasonally-adjusted unemployment rate rose to 4.2% in Q1 from 4.0% in the previous quarter. The reading was slightly below market expectations of a 4.3% unemployment rate, and reflected both a limited increase in the number of unemployed people and a rise in the labor force participation rate, both contributing to the uptick in the unemployment rate. Although Q1’s figures paint an overall positive picture, Q2 is projected to be an especially dire period for the labor market due to lockdown measures.
Meanwhile, the underutilization rate—which includes both unemployment and underemployment—rose from 10.0% in Q4 to 10.4% in Q1, signaling some increase in the labor market’s untapped capacity. Meanwhile, private sector wages rose 2.5% in Q1 on a year-on-year basis, marginally above Q4’s 2.4% upturn.
FocusEconomics panelists expect the unemployment rate to average 7.4% in 2020, which is unchanged from last month’s forecast, and 7.3% in 2021.
New Zealand - Unemployment Data
| 2014 | 2015 | 2016 | 2017 | 2018 | |
|---|---|---|---|---|---|
| Unemployment Rate | 5.4 | 5.3 | 5.1 | 4.7 | 4.3 |
New Zealand Unemployment Chart
Source: Statistics New Zealand and FocusEconomics calculations.
New Zealand Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.67 | 1.20 % | Dec 30 |
| Exchange Rate | 0.67 | -1.69 % | Jan 01 |
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Economic News
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New Zealand: Consumer confidence bounces back but remains in pessimistic terrain in May
May 29, 2020
The ANZ-Roy Morgan consumer confidence indicator jumped to 97.3 in May from April’s 84.8, as lockdown measures were gradually lifted.
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New Zealand: Government approves massive budget stimulus to buttress economy ahead of September elections
May 21, 2020
On 14 May, the government unveiled an NZD 50 billion (USD 30 billion) stimulus package, largely focused on supporting employment in an effort to kickstart the economy following the impact of the coronavirus outbreak and consequent lockdown.
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New Zealand: RBNZ ramps up asset purchasing program in May
May 13, 2020
On 13 May, the Reserve Bank of New Zealand (RBNZ) decided to further ramp up its asset purchasing program in order to reduce borrowing costs and soften the economic impact from Covid-19.
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New Zealand: Unemployment rises moderately ahead of Covid-19 lockdown in Q1
May 6, 2020
The seasonally-adjusted unemployment rate rose to 4.2% in Q1 from 4.0% in the previous quarter.
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New Zealand: Consumer confidence craters in April
May 1, 2020
The ANZ-Roy Morgan consumer confidence indicator collapsed to 84.8 in April from March’s 106.1, hit by tough lockdown measures.
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