ONLY CHARTS #143

NZ labour market

ONLY CHARTS is only available to paid subscribers.

A 7-day free trial is available below. Group discounts are available here.

Antipodean Macro’s in-depth research is available here.

1. New Zealand’s unemployment rate rose 0.2ppts to 4.6% in Q2, in line with the RBNZ’s May MPS forecast.

Overall labour underutilisation - unemployment and underemployment - rose 0.6ppts to 11.8%.

The rise in unemployment in New Zealand looks ballpark similar to what has occurred in most other high-household-debt economies, except Australia.

2. Surprisingly, the labour force measure of employment rose +0.4% q/q in Q2 but has been more volatile than the payrolls measure in recent quarters.