New Zealand Unemployment Rate Falls in Q3
New Zealand jobless rate decreased to 5.4 percent in the third quarter of 2014 from 5.6 percent in the previous period. It is the lowest rate in more than five years.
11/4/2014 11:06:51 PM
"Due to strong migration, we have had the largest annual rise in the population in 10 years,” labour market and households statistics manager Diane Ramsay said. “We had 72,000 more people employed over the year, greater than the additional 64,000 people in the population. This pushed our employment rate up, to 65.2 of every 100 adults being in employment.”
While employment has grown strongly, the picture for wages is mixed,” Ms Ramsay said. Annual wage inflation was 1.6 percent, as measured by the labour cost index (LCI). This is in line with the past four quarters. Although private sector wage inflation was 1.9 percent, growth in pay rates for the public sector has slowed to 1.0 percent.
The number of people employed has grown 3.2 percent since September 2013. Demand for workers from established businesses rose 3.0 percent – the largest annual increase in over six years.
The construction industry accounted for almost half the annual employment growth. Just over 40 percent of the growth in this industry was in Canterbury, with a further 17 percent being in Auckland.