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2026-11-04 09:52:25
【New Zealand's unemployment rate rises to 5.7%, a new high in eleven years, with both employment and labor force participation rates declining】 1) Statistics New Zealand announced that, after seasonal adjustment, New Zealand's unemployment rate unexpectedly rose to 5.7% in the third quarter, worse than the market expectation of falling to 5.5%, and the highest since the third quarter of 2015, compared to 5.6% previously. (2) The employment rate was 66.4%, down 0.3 percentage points from the previous quarter; the labor force participation rate was 70.4%, down 0.2 percentage points from the previous quarter. (3) The number of unemployed was 174,000, an increase of 3,000 or 1.8% from the previous quarter; before seasonal adjustment, the number of unemployed in the third quarter was 169,000, of which 21.5% had been unemployed for more than a year, which is one of the indicators of long-term unemployment. (4) After seasonal adjustment in the third quarter, the NEETs (Not Employed, Not Studying, and Not Training) aged 15 to 24 accounted for 14.1% of the population in this age group, up 0.3 percentage points from the previous quarter. (5) As of the end of September, unadjusted, wage inflation (including overtime) across all sectors in New Zealand (public and private sectors) rose 2.1% year-on-year and 0.5% quarter-on-quarter; the average weekly wage for full-time employees (or equivalent) rose to NZ$1,743 and the average hourly wage for standard hours rose to NZ$44.86.
