NZ unemployment up to 4.3%

Below is a graphic from the ANZ looking at supply and demand for labour and the unemployment rate in New Zealand.

Points to note about recent figures:

• Labour force grew by 4000 – immigration up.

• Economy lost 6000 jobs.

• Greater number of looking for fewer jobs

• Unemployed labour force risen from estimated 10,000 to 134,000 divided by 3.07 million in the labour force. 134,000 ÷ 3,070,000 x 100 = unemployment of 4.3%.

• Not the usual cyclical unemployment

• Youth unemployment highest level since 2015

• Unemployment for those over 25 still below pre-Covid levels

• Since the border has reopened (2022) employment of teenagers has fallen as migrants have filled jobs.

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