Stats NZ have released New Zealand's latest labour market statistics this morning, showing an unemployment rate of 3.3%.
It shows unemployment holding steady at the same rate as last quarter.
But Stats NZ said the number of unemployed people in NZ is now 97,000 people, a slight increase on 96,000 last quarter.
For men the unemployment rate is 2.9%, the lowest rate on record and a decrease on last quarter's figure of 3.1%. For women the unemployment rate is 3.8%, up from 3.6%.
And the underutilisation rate, a "broad measure of spare capacity in New Zealand’s labour market", is down from 9.2% to 9.0%.
Stats NZ manager Becky Collett said unemployment and underutilisation rates had been sitting at or near record lows for more than a year.
The statistics also show wages continuing to rise, with average ordinary time hourly earnings up to $37.86. It's a rise of 7.4% since this time last year. Average weekly earnings for full-time employees are up 7.9% to $1476.
Another measure of growth, the labour cost index, showed "all salary and wage rates (including overtime) increased 3.7 percent in the year to the September 2022 quarter, while the unadjusted LCI increased 5.3 percent".
"The LCI is often compared with the consumers price index (CPI) to see how wage inflation compares with consumer inflation (that is, the change in prices of goods and services bought by households)," the Stats NZ website reads.
"Annual CPI inflation was 7.2 percent in the year to the September 2022 quarter."
And Kiwis are also working more hours.
"Total usual hours and actual hours worked increased over the year, as more people worked full-time," Stats NZ said.
"This was despite the number of people who were away from all types of work in the reference week due to sickness, illness, or injury increasing by 79.2 percent to 49,400 in the September 2022 quarter."
'A very positive outcome'
Meanwhile, wages have increased from 3.4% to 3.7%, according to Stats NZ. (Source: 1News)
Finance Minister and Deputy Prime Minister Grant Robertson said the results are "a very positive outcome".
"Unemployment is low, more people than ever are in work and wages are growing faster than inflation to help them meet cost of living pressures," he said. "This is something worth celebrating and shows our economic plan is working for New Zealanders despite the challenging global environment.
"Our focus is on keeping the economy moving in the right direction...Our job is far from over, but we're making progress."
But opposition leader Christopher Luxon disagreed, saying "prices have now risen faster than wages for nine quarters in a row".
"Food, rent, petrol, and mortgage repayments have all skyrocketed on the Government's watch.
"After more than two years of Kiwis going backwards, the Government still hasn't presented a real economic plan."
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