Unemployment in New Zealand at Record Low

Increasing numbers of women in the workforce drove New Zealand’s unemployment rate down 0.1 percent to a new record of 3.4 per cent in the December quarter. The New Zealand unemployment rate is at its lowest level since the survey began in March 1986. Statistics New Zealand said the latest survey also recorded the most people in employment and in the labour force, as well as the highest labour force participation rate.

In the December quarter the female unemployment rate decreased to 3.5 percent while the male unemployment rate increased slightly to 3.4 percent.

Employment increased by 23,000 (1.1 percent) to reach 2,173,000 in the December 2007 quarter, the highest level recorded since the survey began. This growth was driven by female employment, while male employment decreased. Over the quarter, full-time employment grew by 26,000 (1.6 percent), and part-time employment dropped by 1,000 (0.2 percent).

New Zealand’s unemployment rate is fifth lowest in the OECD, and compares with 5.5 percent for the whole of the OECD.

The unemployment rate for Maori dropped from 8 percent to 7.3 percent in the December quarter, for Europeans it was down from 2.4 percent to 2.3 percent, and for Pacific peoples it declined from 5.5 percent to 4.7 percent.