Unemployment at lowest level since global financial crisis

The unemployment rate has fallen to 3.9 percent in the September 2018 quarter, Stats NZ said today.

That's down from 4.4 percent last quarter - and is the lowest unemployment rate since the start of the global financial crisis - the June 2008 quarter, when it was 3.8 percent.

The fall in the unemployment rate in the latest quarter reflects a fall in the number of unemployed people (down 13,000) and a strong rise in employment (up 29,000).

This quarter's employment rate rose to 68.3 percent, the highest rate since the series began more than 30 years ago.

In the latest quarter, 109,000 people were unemployed – 13,000 (10.5 percent) fewer than in the June 2018 quarter, with 8000 fewer women and 5000 fewer men. For both sexes, this mainly reflected 11,000 fewer unemployed youth (15 to 24-year-olds).

There were 6000 fewer youth unemployed and not in education, which led to the not in employment, education or training (NEET) rate falling to 10.1 percent.

The fall in NEET youth was primarily influenced by men and women aged 20–24 years.

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