New Zealand employment grew 0.7% in Q1, well above expectation of -0.2% decline. Unemployment rate rose just 0.2% to 4.2%, matched expectations. Participation rate rose 0.3% to 70.4%. Labor costs index rose 0.3% qoq, below expectation of 0.5% qoq.
“Our surveys captured a robust labour market in the period before New Zealand went into COVID-19 lockdown. The unemployment rate has remained stable at around 4 percent since late 2018, after trending down since late 2012,” labour market and household statistics senior manager Sean Broughton said.
“The impact of COVID-19 on the labour market, including unemployment, hours actually worked, and underemployment, should be clearer in the June 2020 quarter,” Broughton said.
