Unemployment drops to 5.6%

Stats NZ have reported that seasonally adjusted unemployment has dropped to 5.6%, which is excellent in continuing the trend. NZ now has the 9th lowest unemployment rate in the 34 country OECD. We were 11th lowest last quarter. We are now lower than Australia and Israel. In fact our OECD ranking is now lower than it was in 2008 (10th equal then). Our unemployment rate is 1.8% below the OECD average, and lower than Australia, Canada, UK and US.

Some stats:

  • Unemployed of 137,000 is 17,000 fewer than a year ago
  • Unemployment rate of 5.6% compared to 6.4% a year ago
  • Employed of 2,328,000 – 82,000 more than a year ago
  • FT employed up 71,000 and PT employed up 13,000
  • 65,000 more in labour force than a year ago
  • Labour force participation rate is 68.9% compared to 68.1% a year ago
  • Maori unemployment rate is 11.0%, down from 12.8% a year ago
  • Pasifika unemployment rate is 11.4% down from 16.3% a year ago
  • Under 20 unemployment rate is 20.4%, down from 24.1% a year ago
  • Manufacturing jobs are 246,500 – up from 242,600 a year ago (recall the crisis!)
  • Number of hours worked is up 4.8% from a year ago (highest growth for many years)
  • The proportion of under 20s not in employment, study or training has fallen from 8.0% a year ago to 7.4% today

Some additional data from the other employment surveys out today:

  • Salary and wage rates up 1.7% from a year ago
  • Manufacturing pay rates up 1.9% from a year ago (recall the crisis!)
  • Total weekly gross earnings up 6.3% from a year ago
  • Female average earnings as % of male up from 86.7% to 87.1% over a year

Comments (33)

Login to comment or vote

Add a Comment