NZ unemployment falls to 11-year low

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%.

Below is the summary table:

Finally, here’s how New Zealand’s unemployment rate (3.9%) compares against Australia’s (5.2%):

Labour market conditions are certainly much stronger across the pond.

Leith van Onselen

Leith van Onselen is Chief Economist at the MB Fund and MB Super. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.

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