Building boom drives unemployment to 17-year low

Thursday 12 August 2004

The booming construction sector drove the unemployment rate to a 17-year low of 4.0 per cent in the June quarter giving New Zealand the second lowest rate of joblessness in the developed world.

By The Landlord

According to the Statistics New Zealand (SNZ) quarterly Household Labour Force Survey released today employment grew by 0.9 per cent in the three months to June taking the unemployment rate to its lowest level since March 1987. Economists had expected a quarterly employment rise of 0.5 per cent, leaving the unemployment rate unchanged from last quarter at 4.3 per cent.

New Zealand now has the second lowest unemployment rate amongst the 27 OECD countries behind South Korea at 3.5 per cent.

"Employment growth this quarter has been driven entirely by males," SNZ said in commentary.

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