News & Research

Labour market remains strong

25 May 2018

The annual growth rate slowed for both part-time and full-time employment in the first quarter of 2018, but overall the labour market remains pretty strong.

The annual growth rate slowed for both part-time and full-time employment in the first quarter of 2018, but overall the labour market remains pretty strong. Full-time employment growth slowed from 3.7% to 3.5% in Q1 (on Stats NZ’s trend measure), while part-time cooled from 3.2% to 2.4%. However, the overall rate of 3.3% was still more than double the long-term average of 1.5%.

In addition, the labour force participation rate held up at 70.8%, the third-highest reading for the 32-year history of this series. And the unemployment rate eased down to 4.4%, the lowest since the final quarter of 2008. 

The broad-based strength in the labour market will continue to support the property market, and for now the risks of a spike in households struggling to meet their mortgage repayments or rent remain very low.

For more detailed insights into the fundamentals that are affecting the residential property market, get your copy of this month's CoreLogic Property Market and Economic Update

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