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New Zealand unemployment drops to decade low

NZDUSD News by Newsroom on 22:52 November 06, 2018 EST

New Zealand's unemployment rate has dropped to 3.9 per cent in the September quarter, the lowest since the June 2008 quarter.

The employment rate at 68.3% is highest since the series began 30 years ago. But wage growth remains subdued while in the year to September 69,700 full time jobs were added, but this is the lowest gain since the year to March 2016.. The low jobless rate is driven by a rise in the participation rate to a 71.1%.

In 2018 to date, jobs growth has been led by Healthcare, Professional services and Retail trade, almost all in full-time.

Wages growth is still not responding to this tight labour market, rising by an as-expected +0.5% on the quarter and +1.8% yearly.