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Unemployment Rate goes through the roof in New Zealand

EURUSD News by Newsroom on 16:50 January 31, 2017 EST

The unemployment rate rose to 5.2 percent in the December 2016 quarter, up from 4.9 percent in the previous quarter, though employment and the labour force continued to grow, Statistics New Zealand said on Wednesday.

Mark Gordon, labour and income statistics manager explained: "The December quarter saw a large number of people enter the labour force, but while the number of people in employment has risen, so has the number of unemployed people".

The labour force participation rate increased 0.4 percentage points over the latest quarter, reaching an all-time high of 70.5 percent, and employment grew 0.8 percent in the last quarter of 2016 quarter, with 19,000 more people being employed. This followed a 1.3 percent increase in employment in the previous quarter.