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Financial News: New Zealand Unemployment Rate Rises To 4.5% In

New Zealand Unemployment Rate Rises To 4.5% In Q2

07/31/2018 - 19:56:00 (RTTNews)

(RTTNews) - The jobless rate in New Zealand came in at a seasonally adjusted 4.5 percent in the second quarter of 2018, Statistics New Zealand said on Wednesday.

That exceeded expectations for 4.4 percent, which would have been unchanged from the previous three months.

Overall employment in New Zealand was up 3.7 percent on year - topping forecasts for 3.6 percent and up from 3.1 percent in the three months prior.

On a quarterly basis, employment added 0.5 percent - also topping expectations for 0.4 percent but down from 0.6 percent in Q1.

Underutilization rate rose to 12.0 percent, while the employment rate was unchanged at 67.7 percent. Filled jobs rose 0.8 percent.

Average ordinary time hourly earnings increased to NZ$31.00. Annual wage inflation increased 1.9 percent.

The unemployment rate for men rose to 4.3 percent (up 0.3 percentage points), while for women it fell to 4.7 percent (down 0.2 percentage points). The underutilization rate for men rose to 10.0 percent (up 0.6 percentage points), while for women, it fell to 14.3 percent (down 0.3 percentage points).

Seasonally adjusted filled jobs increased 1.2 percent annually. This resulted in 23,100 more jobs, to reach a total of 1,953,800. The industries with the greatest growth in jobs over the June 2018 year were education and training; retail trade; and professional, scientific, technical, administrative, and support services.

The participation rate was 70.9 percent - topping forecasts for 70.8 percent - which would have been unchanged.

Labor costs for the private sector advanced 0.6 percent on quarter - in line with expectations and up from 0.3 percent in the previous three months.

Private wages excluding overtime gained 0.6 percent on quarter - missing forecasts for 0.7 percent but up from 0.3 percent in the three months prior.

Average hourly earnings added 0.2 percent on quarter, shy of forecasts for 1.0 percent and down from 1.1 percent in Q1.

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