New Zealand Unemployment Drops to 6-Year Low

New Zealand’s unemployment rate has plummeted to 5.3% – in the fourth quarter of the year – which is a six-year low.

“Although the number of employed people has risen, there was also growth in the number of people not participating in the labour market,” said Dianne Ramsay, labour market and households statistics manager at Statistics New Zealand.

“This has contributed to labour force participation falling for the third quarter in a row.”

Statistics New Zealand also reported strong growth in youth employment over the past year.

“Employment has been especially strong for 20 to 29-year-olds, with 26,800 more people employed in this age group over the year,” said Ramsay.

“There were also just over 23,000 more people employed in Auckland over the year. The largest rise in employment was within Auckland’s construction industry.”

Article Source: Business Insider Australia, February 3, 2016

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