The unemployment rate in New Zealand was a seasonally adjusted 5.8 percent in the first quarter of 2015, Statistics New Zealand said on Wednesday.
That missed forecasts for 5.5 percent, and it was unchanged from the previous three months following a revision from 5.7 percent.
“This is the greatest share of New Zealanders we have ever seen in the labour force. The largest increase came from 20 to 34-year-olds, who accounted for nearly half this year’s increase,” labour market and households statistics manager Diane Ramsay said.
Employment was up 0.7 percent on quarter – also missing expectations for 0.8 percent and down from 1.2 percent in Q4. On a yearly basis, employment added 3.2 percent versus forecasts for 3.3 percent and down from 3.5 percent in the previous three months.
The participation rate was a record high 69.6 percent – beating forecasts for 69.4 percent, which would have been unchanged.
“We saw strong employment growth over the year, with Auckland and Canterbury making the most significant contributions,” Ramsay said.
The employment rate was unchanged at 65.5 percent. However, the rate for men reached its highest level since the December 2008 quarter. The female employment rate was down slightly from last quarter’s record high.
Annual wage inflation, as measured by the labour cost index, was steady at 1.7 percent, while consumer price inflation remained low.
Average hourly earnings, as measured by the Quarterly Employment Survey, increased 2.1 percent for the year, the lowest increase since the year to the June 2013 quarter.
The material has been provided by InstaForex Company – www.instaforex.com