Unemployment Rate (New Zealand)
Event Date: Tuesday, October 31, 2023
Event Time: 21:45 CET
Updated Monday, October 30, 2023
The unemployment rate has been on a steady declining trend in the last two years. Although, in the one year period from Q3 2017 to Q2 2018, unemployment remained steady at around 4.5%. But the report released in the beginning of November, which was for Q3, showed a five point decline to 3.9% and Q2 was revised lower as well from 4.5% to 4.4%. That gave the NZD a push higher that day. But that didn't last long as the unemployment rate jumped higher again to 4.3% in Q4 as the report released in February showed. Although, unemployment declined to 4.2% in Q1 2019, but on the other hand, employment declined by 0.2% which was the first time since August 2017. In Q2 though, the unemployment rate declined to 3.9% surprisingly, while employment grew by 0.8%. But, the unemployment rate jumped back up to 4.2% in Q3 and employment grew by 0.6%. In Q4 unemployment fell to 4.0% and I don't think that Q1 of this year will be too different because New Zealand kept the virus in check pretty well. Unemployment was expected to jump to 5.6% in Q2, but instead declined to 4.0%. Although, the restrictions came late in New Zealand and the unemployment rate jumped to 5.3%, while employment declined by 0.8%. But, in Q4 the unemployment rate fell to 4.9% The decline continued to 3.2% last month but it ticked higher to 3.2% earlier where it is expected to remain this time. Please follow us for live coverage of this event by experienced market analysts.
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About Unemployment Rate (New Zealand)
Released by Statistics New Zealand, the Unemployment Rate represents the relative strength of the domestic workforce. It is calculated by dividing the number of unemployed workers by the total civilian labor pool.The New Zealand Unemployment rate is released four times per year, on a quarterly basis. As a count of people with a desire and means to work that have no paying job, the data used in the Unemployment Rate comes from Statistics New Zealand’s Household Labour Force Survey.High unemployment suggests economic stagnation or recession, while low rates are found during periods of economic growth. A low Unemployment Rate is viewed as bullish toward the New Zealand dollar (NZD), while an abnormally high level is a bearish signal. The Unemployment Rate is a strong economic indicator and can lead to enhanced periodic volatility or trending market conditions facing the NZD.