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Statistics New Zealand has released its labour force data for the June quarter, with the unemployment rate falling 0.3% to an 11-year low of 3.9%.
Below are the key points from the release:
- Unemployment rate fell to 3.9% – lowest since June 2008.
- Underutilisation rate fell to 11.0% – lowest since September 2008.
- Employment rate rose to 67.7% from 67.5% in the March quarter.
- Filled jobs fell 0.2%.
- Average ordinary time hourly earnings increased by 4.4% over the year.
- Labour cost index (LCI) including overtime increased 2.1% in the year to June, whereas the unadjusted LCI increased 3.6%.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.