Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Unemployment rate falls to 4.9 percent as employment grows

Unemployment rate falls to 4.9 percent as employment grows
2 November 2016

The unemployment rate fell to 4.9 percent in the September 2016 quarter (from a revised 5.0 percent in the previous quarter), Statistics New Zealand said today. This is the lowest unemployment rate since the December 2008 quarter. There were 3,000 fewer people unemployed than in the June 2016 quarter and 10,000 fewer over the year.

“The number of people employed in New Zealand was up 35,000, or 1.4 percent, in the September 2016 quarter,” labour and income statistics manager Mark Gordon said. “This strong growth in employment, coupled with fewer unemployed people, pushed the unemployment rate below 5.0 percent for the first time in nearly eight years.”

The working-age population increased by 24,000 people (0.7 percent) over the quarter, to reach 3,739,000.

“The increase in the number of people employed again exceeded population growth over the latest quarter. This resulted in the employment rate increasing 0.5 percentage points, so currently 66.7 percent of the working-age population is in some form of employment,” Mr Gordon said.

The rental, hiring, and real estate services industry had a significant increase in unadjusted employment over the quarter, with 5,000 more people employed. Significant increases for this industry occurred in the Auckland, Wellington, and Manawatu-Wanganui regions.

Over the quarter the underutilisation rate fell 0.5 percentage points, to 12.2 percent. This reflects 13,000 fewer people being underutilised. Underutilisation is a measure of potential labour supply and unmet needs for work. A fall in the number of female 'available potential jobseekers', (down 8,600) drove the decrease. These are people who are available and want to work, but are not actively seeking work.

Annual wage inflation, as measured by the labour cost index, increased to 1.6 percent. Private sector wage inflation remained at 1.6 percent while for the public sector it increased to 1.7 percent. The increase in the public sector was influenced by collective agreements for nurses, primary teachers, and the police. This had the effect of making wage inflation higher in the public than the private sector for the first time since the June 2010 quarter.

For more information about these statistics:

• Visit Labour Market Statistics: September 2016 quarter

ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Tornado Aftermath: More Storms Forecast For New Plymouth

Up to 30 homes were damaged Monday night when a tornado roared through a New Plymouth suburb last night , cutting power lines, tearing off roofs, and toppling trees. More>>

ALSO:

Government Investment Rejig: Sustainable Food & Fibre Futures Launched

Growing New Zealand’s food and fibre sectors sustainably and supporting a thriving economy are the hallmarks of a new investment programme announced today by Agriculture Minister Damien O’Connor. More>>

Dump Levy Options: Waste Work Programme Announced

Associate Environment Minister Eugenie Sage has announced a programme of work to take action on New Zealand’s long-neglected waste problems. More>>

ALSO:

Real Estate: Foreign Buyers Ban Passes Third Reading

The Bill to put in place the Government’s policy of banning overseas buyers of existing homes has passed its third and final reading in the House. More>>

ALSO:

Nine Merger: Fairfax Slashes Value Of NZ Business

Fairfax Media Group more than halved the value of its Kiwi assets, attaching just A$40 million to mastheads that were once the core of a billion dollar investment. More>>

Collecting Scalpers: Commerce Commission To Sue Viagogo

The Commission will claim that Viagogo made false or misleading representations: • that it was an “official” seller, when it was not • that tickets were limited or about to sell out • that consumers were “guaranteed” to receive valid tickets for their event • about the price of tickets... More>>

ALSO: