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Financial News: New Zealand Unemployment Rate Climbs To 5.3% In

New Zealand Unemployment Rate Climbs To 5.3% In Q3

11/03/2020 - 18:45:00 (RTTNews)

(RTTNews) - The jobless rate in New Zealand came in at a seasonally adjusted 5.3 percent in the third quarter of 2020, Statistics New Zealand said on Wednesday.

That beat expectations for 5.4 percent, although it was still up sharply from 4.0 percent in the three months prior - representing the biggest quarterly increase on record.

The employment change was -0.8 percent, matching expectations following the 0.4 percent decline in the previous three months.

For men, the unemployment rate rose to 4.8 percent, up from 3.6 percent. For women, the unemployment rate rose to 5.8 percent, up from 4.5 percent.

The seasonally adjusted number of unemployed people rose to 151,000 (up 37,000 from last quarter). There were 19,000 more men and 18,000 more women unemployed.

The participation rate was 70.1 percent, beating forecasts for 70.0 percent and up from the upwardly revised 69.9 percent in Q2 (originally 69.7 percent).

The seasonally adjusted employment rate fell to 66.4 percent, down from 67.1 percent last quarter. For men, the employment rate fell to 71.8 percent, down from 72.4 percent last quarter. For women, the employment rate fell to 61.2 percent, down from 62.0 percent last quarter.

There were 22,000 fewer employed people, down to 2,709,000. The seasonally adjusted number of filled jobs fell by 8,700 (0.4 percent) to 1,979,700 in the September 2020 quarter.

Underutilization rate rose to 13.2 percent, while filled jobs fell 0.4 percent quarterly. Actual hours worked showed recovery, rising 9.4 percent since last quarter.

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