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.

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