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Financial News: New Zealand Q2 Unemployment Rate Falls To 3.9%

New Zealand Q2 Unemployment Rate Falls To 3.9%

08/05/2019 - 19:15:00 (RTTNews)

(RTTNews) - The unemployment rate in New Zealand was a seasonally adjusted 3.9 percent in the second quarter of 2019, Statistics New Zealand said on Tuesday - marking an 11-year low.

That was shy of expectations for 4.3 percent and down from 4.2 percent in the three months prior.

The employment change saw an increase of 0.8 percent on quarter, exceeding estimates for 0.3 percent following the 0.2 percent drop in Q1. On a yearly basis, employment advanced 1.7 percent - again beating expectations for 1.2 percent and up from 1.5 percent in the previous three months.

For men, the unemployment rate fell to 3.6 percent, down from 3.9 percent last quarter. This is the lowest unemployment rate for men since March 2008, when it was also 3.6 percent. For women, the unemployment rate fell to 4.2 percent, down from 4.4 percent last quarter.

The number of unemployed people fell to 109,000 (down 7,000) in the June 2019 quarter. This reflected 4,000 fewer unemployed men, and 2,000 fewer unemployed women.

Annually, there were 13,400 fewer (unadjusted) people unemployed (down 11.1 percent). The number of unemployed people aged 25-29 years fell by 4,800. This was driven entirely by women (down 5,000).

The employment rate rose to 67.7 percent in the June 2019 quarter, up from 67.5 percent last quarter.

For men, the employment rate rose slightly to 72.4 percent, up from 72.3 percent last quarter. For women, the employment rate rose to 63.1 percent, up from 62.9 percent last quarter. This is the second-highest employment rate for women on record.

The rise in the employment rate reflected the number of people who were employed (up 21,000) increasing by a greater proportion than the working-age population (up 21,000).

In the June 2019 quarter, there were 21,000 more employed people, up to 2,680,000 - 13,000 more women, and 8,000 more men.

The seasonally adjusted underutilization rate fell to 11.0 percent this quarter, down from 11.3 percent in March 2019. This is the lowest rate of underutilization since the September 2008 quarter, when the underutilization rate was 10.5 percent.

For women, the underutilization rate fell to 13.0 percent, down from 13.7 percent last quarter. For men, the underutilization rate rose to 9.1 percent, up from 9.0 percent last quarter.

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