New Zealand Jobless Rate Climbs To 5.1% In Q4

(RTTNews) - The unemployment rate in New Zealand came in at a seasonally adjusted 5.1 percent in the fourth quarter of 2024, Statistics New Zealand said on Wednesday - in line with expectations and up from 4.8 percent in the previous three months.

New Zealand's employment was down 0.1 percent, which beat expectations for a fall of 0.2 percent after slipping 0.5 percent in the three months prior.

For men, the unemployment rate was 4.9 percent, compared with 4.7 percent in the third quarter. For women, the jobless rate was 5.2 percent, compared with 5.0 percent in the previous quarter.

The participation rate was 71.0 percent, missing forecasts for 71.1 percent and down from 71.2 percent in Q3.

All salary and wage rates (including overtime) increased 3.3 percent, while average weekly earnings (including overtime) for full-time equivalent employees increased to NZ$1,651.