UNEMPLOYMENT in New Zealand has fallen to its lowest level in nine years.
The seasonally adjusted unemployment rate fell to 4.5 per cent in the December 2017 quarter, down from 4.6 per cent last quarter, Statistics NZ said.
The rate still sits higher than New Zealand’s lowest-ever unemployment level of 3.3 per cent, recorded just before the global financial crisis.
The last time the rate was this low was in December 2008, when it was 4.4 per cent.
Westpac senior economist Michael Gordon said the December result was stronger than expected.
“The June quarter survey showed zero employment growth and a drop in the participation rate, followed by a surge in both measures in the September quarter,” he said.
“The continued rise in employment in the December quarter — by more than we expected — tips the evidence more in favour of the June quarter survey being an understatement.”
