Hon Paul Goldsmith
Minister for Tertiary Education, Skills and Employment

2 August 2017
Media Statement

Unemployment at lowest rate since GFC

The latest Household Labour Force Survey (HLFS) shows the unemployment rate is now at the lowest level since the start of the Global Financial Crisis (GFC) says Tertiary Education, Skills and Employment Minister Paul Goldsmith.

“The unemployment rate has fallen to 4.8 per cent in the June 2017 quarter, the lowest rate since December 2008. Our strong economy continues to deliver for New Zealanders,” Mr Goldsmith says.

“The number of people unemployed has dropped by 3,000 this quarter, reflecting a robust labour market and increasing employment opportunities.

“Strong job growth continues, with 76,000 new jobs over the past year and 181,000 new jobs over the past two years.”

Labour force participation remains high at 70 per cent.

“Particularly pleasing is the reduction in the number of young people not in employment, education or training (NEETs). The rate fell to 11.1 per cent, down from 12.7 per cent in the previous quarter. The number of women who are NEET is at the lowest level on record,” Mr Goldsmith says.

Other highlights this quarter include:

· Average ordinary time hourly earnings for women increased 2.4 per cent;

· New Zealand ranked fourth in the OECD for employment rate (15-64).

“Today’s release shows the Government’s comprehensive economic plan is delivering for families, with lower unemployment, continued strong job creation and more opportunities for young people to get ahead,” Mr Goldsmith says.

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