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
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||2.32||1.20 %||Jan 14|
|Exchange Rate||0.68||-1.69 %||Jan 14|
|Stock Market||3,977||0.11 %||Jan 14|
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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.
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.
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%).
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.
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.