Unemployment in New Zealand

New Zealand Unemployment | Economic News & Forecasts

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 Rate5.4  5.3  5.1  4.7  4.3  

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New Zealand Unemployment Chart


New Zealand Unemployment
Note: Unemployment in % of active population.
Source: Statistics New Zealand and FocusEconomics calculations.

New Zealand Facts

Value Change Date
Bond Yield1.671.20 %Dec 30
Exchange Rate0.67-1.69 %Jan 01

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