New Zealand Q3 Jobless Rate Slides To 3.9% … RTT
New Zealand Q3 Jobless Rate Slides To 3.9%
By RTTNews Staff Writer
The jobless rate in New Zealand came in at a seasonally adjusted 3.9 percent in the third quarter of 2018, Statistics New Zealand said on Wednesday.
That was well beneath expectations for 4.4 percent and down sharply from 4.5 percent in the three months prior.
It’s also the lowest unemployment rate since the second quarter of 2008.
Employment saw an increase of 2.8 percent on year – exceeding expectations for a gains of 2.0 percent following the 3.7 percent spike in Q2.
The participation rate was 71.1 percent, beating forecasts for 70.9 percent – which would have been unchanged from the previous quarter.
The fall in the unemployment rate in the latest quarter reflected a fall in the number of unemployed people (down 13,000) and a strong rise in employment (up 29,000). This quarter’s employment rate rose to 68.3
percent, the highest rate since the series began more than 30 years ago.
The fall in unemployment, in tandem with a fall in underemployment, was key to the underutilization rate falling to 11.3 percent.