New Zealand’s unemployment rate was 3.3 percent in the June 2022 quarter, much lower than other developed countries, the statistics department Stats NZ said on Wednesday.
The underutilization rate was 9.2 percent in that quarter, Stats NZ said, adding these rates were relatively unchanged from the March 2022 quarter.
“Measures of spare labor market capacity have fallen over the year and remained low for several quarters, continuing to show a tight labor market,” work and wellbeing statistics senior manager Becky Collett said in a statement.
Underutilization and unemployment rates have fallen over the year for Maori, Pacific, and Asian ethnic groups, as well as young people, Collett said.
The labor cost index salary and wage rates increased 3.4 percent in the year to June 2022, up from 3 percent in the year to March 2022, statistics show.
The average ordinary time hourly earnings increased to 36.97 NZ dollars (23.06 U.S. dollars), up 2.2 percent quarterly and 6.4 percent annually, Collett said.
On comparable measures, New Zealand’s 3.3 percent unemployment rate stands favorably against 3.6 in the United States, 3.8 percent in Australia and Britain and 5.1 percent in Canada, said Minister of Social Development and Employment Carmel Sepuloni.
New Zealand’s unemployment rate was much lower than the average of the Organization for Economic Cooperation and Development countries, which was 5 percent.
Source: United News of Bangladesh