Unemployment in NZ drops to 3.2%, lowest it has ever been

Source: 1News

Unemployment in New Zealand has fallen again, this time to 3.2 per cent, the lowest it has ever been.

It was a drop from September's revised rate of 3.3 per cent.

“This quarter’s unemployment rate is now the lowest rate recorded since the HLFS series began in 1986,” Becky Collett of Stats NZ said.

The underutilisation rate stayed at 9.2 per cent.

“The labour market continued to show the tightness we saw in the September 2021 quarter, with both unemployment and underutilisation rates remaining low,” Collett said.

The number of people in full-time employment increased 3.2 per cent to 2,270,000, while those employed part-time increased by 5.7 per cent to 567,000 people.

Stats NZ found that wages continued to rise, with ordinary time hourly earnings increasing 3.8 percent in the year to the December 2021 quarter to reach $35.61.