New Zealand Jobless Rate Down to 9-Year Low of 4.6%

New Zealand's unemployment rate edged down to 4.6 percent in the third quarter of 2017 from 4.8 percent in the previous period, below market expectations of 4.7 percent. It was the third straight decline and the lowest jobless rate since the last quarter of 2008.

The unemployment rate for men fell to 4.1 percent (down 0.6 percentage points) but rose to 5.3 percent (up 0.4 percentage points) for women. There were 126 thousand unemployed persons, down by 1.2 percent from the previous quarter. 

Employment went up 2.2 percent to 2.593 million, brininging the employment rate up by 1.2 percentage points to 67.8 percent, the highest rate since the series began in 1986 employment. 

The labor force participation rate increased to 71.1 percent in the third quarter after decreasing to a one-year low of 70.0 percent in the previous three months.

Annual wage inflation, as measured by the labor cost index, edged up to 1.8 percent from 1.7 percent in the previous period. Private sector wages rose by 1.9 percent  year-on-year (vs +1.6 percent in the previous quarter) and the growth of public sector wages slowed down to 1.5 percent (vs +1.9 percent). On a quarterly basis, wages increased by 0.6 percent.

New Zealand Jobless Rate Down to 9-Year Low of 4.6%

Statistics New Zealand | Joana Taborda |
11/1/2017 4:37:46 PM