Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Wednesday, 2 November 2016

First the Bledisloe Cup, & now this (lowest NZ unemployment rate since 2008)

Rock star economy returns

An excellent result for New Zealand as employment growth (+1.4 per cent in the September quarter) continues to outpace population growth.

The unemployment rate fell to just 4.9 per cent in September, while the June result was also revised down to just 5 per cent. 

That's now the lowest unemployment rate since 2008.

The participation rate is very high and up to a record high of 70.1 per cent, methodology shifts notwithstanding.

Employment was up by +35,000 over the quarter, with Auckland accounting for half of these gains, and by +127,000 over the year.

More than 10,000 jobs per month are being created, which is a record for NZ. 

Obviously strong immigration not a major concern in terms of employment growth then, although wages growth remained subdued at just +0.4 per cent for the quarter.

Thinking of heading over for a visit in April. 

What a ripper result for the Kiwis.