Investing.com – New Zealand’s unemployment rate rose more than expected in the second quarter, official data showed late Wednesday.
In a report, Statistics New Zealand said that the unemployment rate rose to a seasonally adjusted 6.8% in the second quarter, after rising to 6% in the first quarter.
Analysts had expected the rate to increase to 6.2% in the second quarter.
The rate of employment change fell by a seasonally adjusted 0.3% in the second quarter, after rising 1.0% in the preceding quarter.
Analysts had expected the rate of employment change to decrease to 0.5% in the second quarter.
The report said that part-time employment fell, while full-time employment rose. Actual hours and overtime hours worked during the quarter both increased, indicating that those who are employed are working more hours.
Commenting on the report, Peter Gardiner, labor market analyst for Statistics New Zealand said the recent fluctuations indicate that the labor market is still adjusting to the changing economic climate.
Following the release of the data the kiwi was down against the U.S. dollar, with NZD/USD shedding 1.09% to hit 0.7266.
In a report, Statistics New Zealand said that the unemployment rate rose to a seasonally adjusted 6.8% in the second quarter, after rising to 6% in the first quarter.
Analysts had expected the rate to increase to 6.2% in the second quarter.
The rate of employment change fell by a seasonally adjusted 0.3% in the second quarter, after rising 1.0% in the preceding quarter.
Analysts had expected the rate of employment change to decrease to 0.5% in the second quarter.
The report said that part-time employment fell, while full-time employment rose. Actual hours and overtime hours worked during the quarter both increased, indicating that those who are employed are working more hours.
Commenting on the report, Peter Gardiner, labor market analyst for Statistics New Zealand said the recent fluctuations indicate that the labor market is still adjusting to the changing economic climate.
Following the release of the data the kiwi was down against the U.S. dollar, with NZD/USD shedding 1.09% to hit 0.7266.