New Zealand's unemployment rate edged up to 3.3 percent in the second quarter of 2022 from a record low of 3.2 percent in the previous quarter, above market expectations of 3.1 percent. "Measures of spare labour market capacity have fallen over the year and remained low for several quarters, continuing to show a tight labour market,” work and wellbeing statistics senior manager Becky Collett said. The seasonally adjusted number of unemployed people went up by 2 thousand in the June 2022 quarter to 96 thousand. Meanwhile, the employment rate decreased by 0.1 percentage points to 68.5 percent, and the labour force participation rate edged down to 70.8 percent from 70.9 percent. The underutilization rate was 9.2 percent, down slightly from 9.3 percent in the previous period. source: Statistics New Zealand
Unemployment Rate in New Zealand averaged 5.85 percent from 1985 until 2022, reaching an all time high of 11.20 percent in the third quarter of 1991 and a record low of 3.20 percent in the fourth quarter of 2021. This page provides - New Zealand Unemployment Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. New Zealand Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on August of 2022.
Unemployment Rate in New Zealand is expected to be 3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the New Zealand Unemployment Rate is projected to trend around 3.20 percent in 2023, according to our econometric models.