NZ unemployment bounces off 11-year low

Statistics New Zealand has released its labour force data for the September quarter, with the unemployment rate rising 0.3% to 4.1% from last quarter’s 11-year low of 3.9%.

Below are the key points from the release:

  • Unemployment rate rose to 4.2 percent.
  • Underutilisation rate fell to 10.4 percent.
  • Employment rate was unchanged at 67.5 percent.
  • Filled jobs rose 1.1 percent.
  • Average ordinary time hourly earnings rose to $32.65.
  • Wage rates increased 2.4 percent annually.

Below is the summary table:

Finally, here’s how New Zealand’s unemployment rate (4.2%) 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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