You are here: Home » International » News » Others
Business Standard

New Zealand unemployment rate hits record 5.3% due to coronavirus

The number of unemployed people rose by a record of 37,000 to reach 151,000 in the September 2020 quarter, as the impact of the coronavirus pandemic has severely hit the labour market

Topics
New Zealand | Coronavirus

IANS  |  Wellington 

The number of unemployed people rose by a record of 37,000 to reach 151,000 in the September 2020 quarter, as the impact of the pandemic has severely hit the labour market, official figures showed on Wednesday.

In the September 2020 quarter, there were 37,000 more unemployed people, an increase of 32.5 per cent since the June 2020 quarter, Xinhua news agency quoted Stats NZ as saying.

There were 22,000 fewer employed people this quarter than in the June 2020 quarter, with the unemployment rate hitting 5.3 per cent due to the pandemic.

The underutilization rate rose to 13.2 per cent, it said.

This 37,000 rise is the largest quarterly rise in unemployment since the series began in 1986, statistics showed.

The next largest rise in a single quarter was recorded in the June 2009 quarter during the global financial crisis, when the number of unemployed people rose by 18,000, Stats NZ said.

Women have fared worse than men across key labour market measures since Covid-19, it said.

"Unemployment rates for men and women rose by similar amounts over the quarter, up 1.2 and 1.3 percentage points, respectively, but looking at quarterly changes right now only tells part of the story," labour market manager Andrew Neal said.

"The March 2020 quarter captured New Zealand's laboir market prior to the impact of Covid-19. Changes between then and the September 2020 quarter show that while both sexes have been negatively impacted, women have been worse affected."

--IANS

ksk/

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, November 04 2020. 11:42 IST
RECOMMENDED FOR YOU
.