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FIRST TAKE: NZ unemployment rate hits 11-year low

Tuesday 6th August 2019

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New Zealand’s unemployment rate fell to an 11-year low while wages ticked up on the back of a rise in the minimum wage.

The seasonally adjusted unemployment rate fell to 3.9 percent in the three months ended June 30, from 4.2 percent in the March quarter, Stats NZ said in its household labour force survey.

Economists surveyed by Bloomberg had tipped the unemployment rate to lift to 4.3 percent.

The New Zealand dollar rose to 65.72 US cents from 65.26 cents just ahead of the data.

The unemployment rate was the lowest since June 2008 when it was 3.8 percent.

“Since late 2012, the seasonally adjusted unemployment rate has largely been tracking down towards levels seen before the global financial crisis in 2008,” said labour market and household statistics senior manager Sean Broughton.

On the wages front,  private sector wage inflation – including overtime - rose 0.8 percent in the quarter for a 2.2 percent annual increase.

Public sector wage inflation was up 0.4 percent in the quarter for a 2.2 percent annual gain.

(BusinessDesk)

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