New Zealand Jobless Rate at Near 7-Year Low in Q4

New Zealand unemployment rate fell to 5.3 percent in the three months to December of 2015, from 6.0 percent in the previous period, well below market forecast of 6.1 percent. It was the lowest rate since March of 2009, as the number of unemployed went down by 10.9 percent while employment increased by 0.9 percent.
Statistics New Zealand | Yekaterina Guchshina | 2/2/2016 10:23:43 PM
The unemployment rate decreased to 5.3 percent in the December 2015 quarter (down from 6.0 percent), Statistics New Zealand said today. This is the lowest unemployment rate since March 2009. There were 16,000 fewer people unemployed than in the September 2015 quarter.

“Although the number of employed people has risen, there was also growth in the number of people not participating in the labour market,” Ms Ramsay said. “This has contributed to labour force participation falling for the third quarter in a row.”

Over the December quarter, employment grew 0.9 percent, after falling in the previous quarter. This has resulted in annual employment growth of 1.3 percent.

“Employment has been especially strong for 20- to 29-year-olds, with 26,800 more people employed in this age group over the year”. “There were also just over 23,000 more people employed in Auckland over the year. The largest rise in employment was within Auckland’s construction industry.”

Annual wage inflation, as measured by the labour cost index, eased to 1.5 percent, the lowest since the year to the March 2010 quarter. This compares with low annual consumer price inflation of 0.1 percent.

 New Zealand Jobless Rate at Near 7-Year Low in Q4