New Zealand’s unemployment rate reaches 3.4%

Wellington, Feb 1 (SocialNews.XYZ) New Zealand's unemployment rate was 3.4 per cent in the December 2022 quarter, compared with 3.3 per cent last quarter, the statistics department said on Wednesday.

The unemployment rate, as measured by the Household Labour Force Survey, has remained at or near historic lows since the September 2021 quarter, Stats NZ's work and wellbeing statistics senior manager Becky Collett said.

The underutilization rate --a broader measure of spare labor capacity which includes those unemployed, underemployed, and the potential labour force -- rose to 9.4 per cent, from 9 per cent last quarter, Collett said, adding the primary contribution to higher underutilization came from increases in the potential labour force, reports Xinhua news agency.

In the December 2022 quarter, the labour force participation rate remained at 71.7 per cent and the employment rate remained at 69.3 per cent.

Both remain the highest rates recorded since the survey began in 1986, she said.

According to the survey, in the year to the December 2022 quarter, all salary and wage rates increased 4.1 per cent, compared with 3.7 per cent in the year to the September 2022 quarter.

This is the largest annual increase since the survey series began in 1992.

Finance Minister Grant Robertson said this is a very positive outcome as growing global pressures weigh on New Zealand this year, with more people in work and rising wages the best response to help New Zealanders dealing with cost-of-living pressures.

Source: IANS