Unemployment in New Zealand has dropped, as the construction industry makes up for losses in media and tourism.
According to Stats NZ, the unemployment rate dropped to 4.9 per cent in the December 2020 quarter, down from 5.3 per cent in the September 2020 quarter.
The previous 5.3 per cent figure followed the largest increase observed in a single quarter since the series began in 1986, and came as unemployment had been trending down from a peak rate of 6.7 per cent in September 2012.
That’s despite predictions the rate would rise. (Source: Other)
Economists had predicted it could rise as his as 5.6 per cent.
Meanwhile, the December 2020 quarter's rate of 4.9 per cent is a return to rates observed over three years ago, including when the unemployment rate was also 4.9 per cent in the March 2017 quarter.
"Although overall employment is similar to a year ago, looking at movements by industry shows how New Zealand jobs have changed in response to Covid-19 and its restrictions," Stats NZ labour market manager Andrew Neal said, noting how job increases in construction offset under-performing sectors like media and tourism.
"A similar uneven effect was also seen in the monthly employment indicator for December 2020."
SHARE ME