Unemployment rate lowest in 11 years, defies negative economic forecast

Stats NZ have reported that the unemployment rate has dropped to 3.9 per cent in the June 2019 quarter, a decrease from the 4.2 per cent reported in the March 2019 quarter. This is the lowest unemployment rate since the June 2008 quarter, when it was at 3.8 per cent.

Economists had forecasted that the rate would increase to 4.3 to 4.4 per cent, warning that there could be a slowdown in the jobs market. But there were no signs of that in the most recent data.

There was also a decline in the Māori unemployment rate, from 9.4 per cent last year it is now at 7.7 per cent in the June 2019 quarter. This is also the lowest Māori unemployment rate since the June 2008 quarter, when it was 7.2 percent.

These positive statistics is the fruit of the Coalition Government’s commitment to providing employment opportunities for New Zealanders. It is also evidence of the success of the economic plan put in place, and our responsible management of the economy.

 

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