New Zealand's unemployment, underutilization rates both fall: statistics

WELLINGTON, May 2 (Xinhua) -- The unemployment rate fell to 4.4 percent in the March 2018 quarter, down from 4.5 percent last quarter, New Zealand statistics department Stats NZ said on Wednesday.

This is the fifth consecutive quarter the unemployment rate has fallen and is the lowest rate since the December 2008 quarter, when it was also 4.4 percent, Stats NZ said.

"While most New Zealanders are familiar with the unemployment rate, the underutilization rate is equally as important," labor market and household statistics senior manager Jason Attewell said in a statement, adding that it provides a broader picture of untapped capacity in the labor market.

The underutilization rate fell to 11.9 percent, down from 12.2 percent in the December 2017 quarter, Attewell said, adding there were almost 340,000 people with the desire and potential to work more, though this was 5,000 fewer than in the December 2017 quarter.

"Underutilization includes people who have a job but want to work more hours, or are available to work but aren't looking, or are looking for work but aren't available to start within the next month," he said.

The fall in underutilization mainly reflects 9,000 fewer people being underemployed, which included 8,000 fewer women, and the labor force participation rate fell to 70.8 percent in the latest quarter, down from 70.9 percent, Stats NZ said.

In the March 2018 quarter, employment rose 0.6 percent, the majority of which came from more women than men gaining employment, it said. Enditem