From Statistics New Zealand:
Key labour market measures showed an increasingly tight labour market, with unemployment and underutilisation near record lows, employment at an all-time high, and wage growth strong, Stats NZ said today.
The seasonally adjusted unemployment and underutilisation rates fell to 3.4 and 9.2 percent, respectively, in the September 2021 quarter, while the employment rate rose to 68.8 percent.
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The number of unemployed people fell by 18,000 over the quarter to 98,000, which, combined with 54,000 more people in employment, drove the unemployment rate down.
“The strong decline in unemployment brought the rate down to New Zealand’s lowest rate on record, matching December 2007, when it was also 3.4 percent,” work and wellbeing statistics senior manager Becky Collett said.
“The fall in the unemployment rate is in line with reports of difficulty finding workers and high labour turnover, and continued travel restrictions on international arrivals, which put pressure on domestic labour supply,” Ms Collett said.
Similarly, underutilisation, which is a broader gauge of spare labour market capacity, fell to 9.2 percent from 10.5 percent last quarter. As with unemployment, this has now reached lows last recorded in the December 2007 quarter…
Wage growth indicating pressure to keep workers
The labour cost index (LCI) salary and wage rates (including overtime) increased 2.4 percent in the year to the September 2021 quarter, while the unadjusted LCI increased 3.8 percent.
“Within the LCI, there were a greater number of jobs getting large pay increases as businesses attempted to attract and retain staff in an increasingly tight labour market,” Ms Collett said…
Average ordinary time hourly earnings, as measured by the Quarterly Employment Survey (QES), increased 3.5 percent over the year to reach $35.25…
The above is more proof that lower immigration is good for domestic workers.
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