WELLINGTON, Feb 1 (NNN-XINHUA) – New Zealand’s unemployment rate was 3.4 percent in the Dec, 2022 quarter, compared with 3.3 percent last quarter, the statistics department, Stats NZ, said today.
The unemployment rate, as measured by the Household Labour Force Survey, remained at or near historic lows, since the Sept, 2021 quarter, Stats NZ’s work and wellbeing statistics, senior manager, Becky Collett, said.
The underutilisation rate – a broader measure of spare labour capacity, which includes those unemployed, underemployed, and the potential labour force – rose to 9.4 percent, from nine percent last quarter, Collett said, adding, the primary contribution to higher underutilisation came from increases in the potential labour force.
In the Dec, 2022 quarter, the labour force participation rate remained at 71.7 percent, and the employment rate remained at 69.3 percent. Both remain the highest rates recorded since the survey began in 1986, she said.
According to the survey, in the year to the Dec, 2022 quarter, all salary and wage rates increased 4.1 percent, compared with 3.7 percent in the year to the Sept, 2022 quarter. This is the largest annual increase since the survey series began in 1992.– NNN-XINHUA
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.
