New Zealands jobless rate rises to 3.4% in the fourth quarter
WELLINGTON, Feb 1 (Reuters) – New Zealand’s jobless rate rose to 3.4% in the fourth quarter even as employment rose 0.2%, according to data released by Statistics New Zealand. on Wednesday.
The participation rate remained at a record high of 71.7% in the fourth quarter, according to forecasts.
Economists polled by Reuters had forecast an unemployment rate of 3.3% and job growth of 0.3%.
Statistics New Zealand data showed third quarter seasonally adjusted private sector wages rose 4.3% on the previous year. Wages increased by 1.1% over the previous quarter. (Reporting by Lucy Craymer Editing by Chris Reese)