Posted September 21, 2018 09:11:33 New Zealand’s labour market has been on the decline for years, and the latest figures from Statistics New Zealand show unemployment rose to 11.5 per cent.
“Unemployment rose to a 12-year high of 11.4 per cent in September, driven by the rise in part-time work and the increase in part time work by students, part-timers and casual workers,” the agency said.
That compares with a 12.4-year low of 11 per cent during the financial crisis.
Unemployment fell in the three months to September from 12.7 per cent a year ago, which is the highest rate since December 2015.
The figures also show there was a rise in job vacancies, but it was smaller than in the previous two months.
New Zealand saw a surge in job seekers last year, with the number of people claiming jobseeker’s allowance climbing from just over 14,000 in the March quarter to nearly 28,000 the same month.
It’s not clear what caused the drop in vacancies, although there is some evidence that jobseekers have been leaving New Zealand to find work elsewhere in Europe and elsewhere.
The number of job vacancies is down from the levels seen a year earlier, but the number is still higher than the levels recorded during the peak of the global financial crisis in 2015.
In December, the unemployment rate was 9.6 per cent, which was a little higher than last year’s peak, but lower than in 2015, when it was 10.1 per cent and the peak for the crisis.
Source: Statistics New Zealand/ABC News (Originally published on September 21)