New Zealand unemployment rate remains at 3.3%

New Zealand’s unemployment rate was 3.3 per cent in the September 2022 quarter, unchanged from last quarter, the country’s statistics department Stats NZ said on Wednesday.

While the unemployment rate remained level, the underutilisation rate, a broader measure of spare labour capacity, dipped slightly to 9 per cent, from 9.2 per cent last quarter, reports Xinhua news agency.

“Unemployment and underutilisation rates have been sitting at or near record lows for more than a year,” said work and wellbeing statistics senior manager Becky Collett.

The labour force participation rate rose to 71.7 per cent and the employment rate rose to 69.3 per cent.

Both are the highest rates recorded since the Household Labour Force Survey began in 1986, Collett said.

In the September 2022 quarter, the labour force participation rate for women rose to 67.4 per cent, the highest rate since the series began, he said, adding that women’s labour force participation rate was much lower than men’s in the 1980s but has grown faster over the last 30 years.

The average hourly wage rose 7.4 per cent to NZ$37.86 ($22), outpacing inflation at 7.2 per cent, Collett said.

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