Unemployment in New Zealand

New Zealand Unemployment | Economic News & Forecasts

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 Rate5.8  5.4  5.4  5.1  4.7  

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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

Bond Yield2.111.20 %Mar 11
Exchange Rate0.68-1.69 %Mar 11
Stock Market4,1560.11 %Mar 11

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