Unemployment down, wage growth up proof of strong market
Unemployment and wage growth numbers released by Stats NZ today demonstrate a labour market in good shape with unemployment falling to 4.0%, the underutilisation rate falling to an 11 year low, and wage growth at a 10-year high with an increase of 2.6%.
“Our policies are reducing the number of unemployed people while driving up how much people earn. Underutilisation is also down to an 11-year low meaning that we’re tapping into the employment potential of the labour market,” says Labour and Industrial Relations spokesperson Clayton Mitchell.
“Wage growth at 2.6% is well above CPI which is fantastic news. Our efforts to raise the minimum wage to $20 underpin this growth,”
“Employment initiatives such as Strength in Work are connecting more and more people with jobs while the support of the Provincial Growth Fund is creating them. We’re on the right track despite scaremongering rhetoric by the opposition,” says Mr Mitchell.