New Zealand Unemployment Falls to 5.3%

February 3, 2016 New Zealand Finance

Employment levels in Ne Zealand have reached the highest level in more than 5 years, and, in addition, average wages have also risen over the course of 2015.

In a new press release issued in February 3rd Statistics New Zealand has shown that the unemployment rate in New Zealand over the quarter ending December 2015 has fallen to the lowest level since March 2009.

The current unemployment rate is now estimated to be approximately 5.3 percent, down by 0.7 percentage points compared to the previous quarter.

The unemployment rate is also 0.5 percentage points lower than during the December quarter in 2014.

However, while unemployment has fallen, the rate of employment has also undergone a dip, now sitting 0.6 percentage points lower than a year ago, but 0.3 percentage points higher than in the previous quarter.

The payment received for work has also gone up, with the average ordinary time hourly earnings rising by 2.1 percent since last year to a level of NZD 29.38.

It was noted that the employment rate people aged 20 to 29 rose significantly 26 800 more youths finding paid work over the course of 2015.

Photo by Wisconsin Historical Images

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