Unemployment continued to grow, with the seasonally adjusted unemployment rate reaching 5.1 percent in the December 2024 quarter, according to figures released by Stats NZ today.
In the December 2024 quarter:
- the unemployment rate was 5.1 percent
- the employment rate was 67.4 percent
- annual wage inflation was 3.3 percent
- average ordinary time hourly earnings were $42.57.
Annually, unemployment rose by 33,000 to 156,000, as measured by the Household Labour Force Survey.
"Unemployment has been increasing since late 2022. The unemployment rate in the December 2024 quarter was the highest it's been since the September 2020 quarter, when it was 5.2 percent," labour market spokesperson Deb Brunning said.
| Quarter | Men | Women | Total |
| Dec-10 | 6 | 6.5 | 6.2 |
| Mar-11 | 5.7 | 6.4 | 6 |
| Jun-11 | 6 | 6.1 | 6.1 |
| Sep-11 | 5.6 | 6.3 | 6 |
| Dec-11 | 6.1 | 6 | 6.1 |
| Mar-12 | 6.1 | 6.7 | 6.4 |
| Jun-12 | 6.2 | 6.7 | 6.4 |
| Sep-12 | 6.6 | 6.9 | 6.7 |
| Dec-12 | 6 | 6.7 | 6.3 |
| Mar-13 | 5.2 | 6.5 | 5.8 |
| Jun-13 | 5.5 | 6.5 | 6 |
| Sep-13 | 5.5 | 6.2 | 5.8 |
| Dec-13 | 5 | 6.4 | 5.7 |
| Mar-14 | 5.1 | 6.1 | 5.6 |
| Jun-14 | 4.6 | 6 | 5.3 |
| Sep-14 | 4.6 | 6.1 | 5.3 |
| Dec-14 | 4.8 | 6.3 | 5.5 |
| Mar-15 | 5.2 | 5.9 | 5.5 |
| Jun-15 | 4.8 | 6.3 | 5.5 |
| Sep-15 | 5.2 | 6.1 | 5.7 |
| Dec-15 | 4.7 | 5.3 | 5 |
| Mar-16 | 5 | 5.6 | 5.3 |
| Jun-16 | 4.7 | 5.5 | 5.1 |
| Sep-16 | 4.7 | 5.3 | 5 |
| Dec-16 | 4.8 | 5.8 | 5.3 |
| Mar-17 | 4.3 | 5.6 | 4.9 |
| Jun-17 | 4.8 | 5 | 4.9 |
| Sep-17 | 4.1 | 5.4 | 4.7 |
| Dec-17 | 4 | 5 | 4.5 |
| Mar-18 | 3.9 | 4.8 | 4.4 |
| Jun-18 | 4.4 | 4.9 | 4.6 |
| Sep-18 | 4 | 4 | 4 |
| Dec-18 | 4.4 | 4.2 | 4.3 |
| Mar-19 | 3.8 | 4.5 | 4.2 |
| Jun-19 | 3.7 | 4.4 | 4 |
| Sep-19 | 3.8 | 4.4 | 4.1 |
| Dec-19 | 3.9 | 4.3 | 4.1 |
| Mar-20 | 4 | 4.4 | 4.2 |
| Jun-20 | 3.6 | 4.6 | 4.1 |
| Sep-20 | 4.8 | 5.6 | 5.2 |
| Dec-20 | 4.5 | 5.4 | 4.9 |
| Mar-21 | 4.6 | 4.7 | 4.6 |
| Jun-21 | 3.8 | 4.2 | 4 |
| Sep-21 | 3.3 | 3.3 | 3.3 |
| Dec-21 | 3 | 3.3 | 3.2 |
| Mar-22 | 3.1 | 3.4 | 3.2 |
| Jun-22 | 3.1 | 3.6 | 3.3 |
| Sep-22 | 2.8 | 3.7 | 3.3 |
| Dec-22 | 3.3 | 3.5 | 3.4 |
| Mar-23 | 3.2 | 3.6 | 3.4 |
| Jun-23 | 3.4 | 3.9 | 3.6 |
| Sep-23 | 3.7 | 4.1 | 3.9 |
| Dec-23 | 3.7 | 4.3 | 4 |
| Mar-24 | 4 | 4.8 | 4.4 |
| Jun-24 | 4.6 | 4.7 | 4.6 |
| Sep-24 | 4.7 | 5 | 4.8 |
| Dec-24 | 4.9 | 5.2 | 5.1 |
The underutilisation rate grew in the December 2024 quarter, increasing to 12.1 percent from 11.6 percent in the September 2024 quarter and 10.7 percent in the December 2023 quarter.
Underutilisation is a broad measure of untapped labour market capacity. It includes unemployed and underemployed people, along with the potential labour force.
Fall in male employment
The seasonally adjusted employment rate was 67.4 percent in the December 2024 quarter, down from 69.0 percent in the December 2023 quarter.
The annual fall in the employment rate reflected 32,000 fewer employed people over the past year.
"This was the largest annual fall in employment since the year to the December 2009 quarter," Brunning said.
"Men accounted for 85 percent of the annual decrease in employment, reflecting substantial falls in the male-dominated occupation groups of technicians and trades workers, and machinery operators and drivers."
| Quarter | Men | Women |
| Dec-04 | 49000 | 42000 |
| Mar-05 | 34000 | 37000 |
| Jun-05 | 18000 | 47000 |
| Sep-05 | 28000 | 39000 |
| Dec-05 | 19000 | 17000 |
| Mar-06 | 26000 | 32000 |
| Jun-06 | 35000 | 35000 |
| Sep-06 | 21000 | 14000 |
| Dec-06 | 20000 | 14000 |
| Mar-07 | 19000 | 19000 |
| Jun-07 | 13000 | 16000 |
| Sep-07 | 19000 | 13000 |
| Dec-07 | 9000 | 37000 |
| Mar-08 | 4000 | 20000 |
| Jun-08 | -1000 | 12000 |
| Sep-08 | -13000 | 28000 |
| Dec-08 | 3000 | 12000 |
| Mar-09 | -22000 | -6000 |
| Jun-09 | -12000 | -12000 |
| Sep-09 | -29000 | -16000 |
| Dec-09 | -34000 | -23000 |
| Mar-10 | -3000 | -7000 |
| Jun-10 | -9000 | 2000 |
| Sep-10 | 29000 | 2000 |
| Dec-10 | 15000 | 7000 |
| Mar-11 | 15000 | 18000 |
| Jun-11 | 16000 | 22000 |
| Sep-11 | 6000 | 16000 |
| Dec-11 | 12000 | 19000 |
| Mar-12 | 6000 | 8000 |
| Jun-12 | -1000 | 9000 |
| Sep-12 | -16000 | 11000 |
| Dec-12 | -7000 | 7000 |
| Mar-13 | -5000 | 8000 |
| Jun-13 | 7000 | 4000 |
| Sep-13 | 35000 | 20000 |
| Dec-13 | 44000 | 24000 |
| Mar-14 | 51000 | 37000 |
| Jun-14 | 56000 | 30000 |
| Sep-14 | 44000 | 33000 |
| Dec-14 | 44000 | 45000 |
| Mar-15 | 47000 | 36000 |
| Jun-15 | 40000 | 36000 |
| Sep-15 | 27000 | 14000 |
| Dec-15 | 29000 | 12000 |
| Mar-16 | 29000 | 24000 |
| Jun-16 | 58000 | 55000 |
| Sep-16 | 83000 | 63000 |
| Dec-16 | 78000 | 65000 |
| Mar-17 | 86000 | 56000 |
| Jun-17 | 49000 | 30000 |
| Sep-17 | 54000 | 48000 |
| Dec-17 | 51000 | 41000 |
| Mar-18 | 34000 | 41000 |
| Jun-18 | 43000 | 52000 |
| Sep-18 | 27000 | 43000 |
| Dec-18 | 21000 | 37000 |
| Mar-19 | 14000 | 25000 |
| Jun-19 | 14000 | 25000 |
| Sep-19 | 14000 | 13000 |
| Dec-19 | 21000 | 12000 |
| Mar-20 | 41000 | 28000 |
| Jun-20 | 34000 | 9000 |
| Sep-20 | 17000 | -7000 |
| Dec-20 | 14000 | 2000 |
| Mar-21 | 1000 | 3000 |
| Jun-21 | 14000 | 25000 |
| Sep-21 | 33000 | 73000 |
| Dec-21 | 29000 | 61000 |
| Mar-22 | 27000 | 42000 |
| Jun-22 | 8000 | 27000 |
| Sep-22 | 20000 | 13000 |
| Dec-22 | 28000 | 21000 |
| Mar-23 | 43000 | 43000 |
| Jun-23 | 70000 | 55000 |
| Sep-23 | 55000 | 30000 |
| Dec-23 | 48000 | 32000 |
| Mar-24 | 21000 | 8000 |
| Jun-24 | -2000 | 5000 |
| Sep-24 | -21000 | 4000 |
| Dec-24 | -28000 | -5000 |
Within the overall decrease in seasonally adjusted employment for men, there was also a shift from full-time to part-time work. While the number of men in full-time employment fell by 36,000 annually, the number in part-time employment grew by 9,000. Over the same period, the number of women in full-time employment fell by 5,000, but there was little change in women's part-time employment.
Wages
In the year to the December 2024 quarter, all salary and wage rates (including overtime), as measured by the labour cost index (LCI), increased 3.3 percent. This compares with 3.8 percent in the year to the September 2024 quarter.
Average ordinary time hourly earnings in the Quarterly Employment Survey (QES) rose 4.2 percent to $42.57 in the year to the December 2024 quarter.
This is a slight increase from the annual wage growth of 3.9 percent in the year to the September 2024 quarter, and a decrease from 6.9 percent in the year to the December 2023 quarter.
| Quarter | LCI - all salary and wage rates | QES - ordinary time hourly earnings |
| Dec-04 | 2.5 | 2.1 |
| Mar-05 | 2.5 | 3.6 |
| Jun-05 | 2.7 | 3.6 |
| Sep-05 | 3.1 | 4.5 |
| Dec-05 | 3 | 5.6 |
| Mar-06 | 3.2 | 5.4 |
| Jun-06 | 3.1 | 4.5 |
| Sep-06 | 3.2 | 5.1 |
| Dec-06 | 3.2 | 5.1 |
| Mar-07 | 3.2 | 4.7 |
| Jun-07 | 3.3 | 4.4 |
| Sep-07 | 3.1 | 4 |
| Dec-07 | 3.3 | 4.3 |
| Mar-08 | 3.4 | 4.7 |
| Jun-08 | 3.6 | 5.3 |
| Sep-08 | 4 | 5.6 |
| Dec-08 | 3.5 | 5.5 |
| Mar-09 | 3.3 | 5.4 |
| Jun-09 | 2.8 | 4.7 |
| Sep-09 | 2.1 | 3.5 |
| Dec-09 | 1.8 | 2.9 |
| Mar-10 | 1.5 | 1 |
| Jun-10 | 1.6 | 1.4 |
| Sep-10 | 1.6 | 2 |
| Dec-10 | 1.7 | 1.9 |
| Mar-11 | 1.9 | 3.1 |
| Jun-11 | 1.9 | 2.8 |
| Sep-11 | 2 | 3 |
| Dec-11 | 2 | 3.1 |
| Mar-12 | 2 | 3.2 |
| Jun-12 | 2 | 2.6 |
| Sep-12 | 1.9 | 2.9 |
| Dec-12 | 1.8 | 2.4 |
| Mar-13 | 1.7 | 2.4 |
| Jun-13 | 1.7 | 2.8 |
| Sep-13 | 1.7 | 2.6 |
| Dec-13 | 1.6 | 2.9 |
| Mar-14 | 1.6 | 2.6 |
| Jun-14 | 1.7 | 2.2 |
| Sep-14 | 1.6 | 2.7 |
| Dec-14 | 1.8 | 3 |
| Mar-15 | 1.7 | 2.4 |
| Jun-15 | 1.6 | 2.5 |
| Sep-15 | 1.6 | 2.2 |
| Dec-15 | 1.5 | 2 |
| Mar-16 | 1.6 | 2.4 |
| Jun-16 | 1.5 | 2.4 |
| Sep-16 | 1.6 | 2.1 |
| Dec-16 | 1.6 | 1.8 |
| Mar-17 | 1.6 | 2.5 |
| Jun-17 | 1.7 | 2.5 |
| Sep-17 | 1.9 | 2.4 |
| Dec-17 | 1.8 | 3.1 |
| Mar-18 | 1.8 | 2.7 |
| Jun-18 | 1.9 | 2.9 |
| Sep-18 | 1.8 | 3.2 |
| Dec-18 | 1.9 | 3.2 |
| Mar-19 | 2 | 3 |
| Jun-19 | 2.1 | 4 |
| Sep-19 | 2.4 | 3.4 |
| Dec-19 | 2.6 | 3.3 |
| Mar-20 | 2.5 | 3.7 |
| Jun-20 | 2.1 | 3 |
| Sep-20 | 1.9 | 4.2 |
| Dec-20 | 1.6 | 4.3 |
| Mar-21 | 1.6 | 4 |
| Jun-21 | 2.1 | 4 |
| Sep-21 | 2.4 | 3.5 |
| Dec-21 | 2.6 | 3.8 |
| Mar-22 | 3 | 4.8 |
| Jun-22 | 3.4 | 6.4 |
| Sep-22 | 3.7 | 7.4 |
| Dec-22 | 4.1 | 7.2 |
| Mar-23 | 4.3 | 7.6 |
| Jun-23 | 4.3 | 6.9 |
| Sep-23 | 4.3 | 6.7 |
| Dec-23 | 4.3 | 6.9 |
| Mar-24 | 4.1 | 5.2 |
| Jun-24 | 4.3 | 5 |
| Sep-24 | 3.8 | 3.9 |
| Dec-24 | 3.3 | 4.2 |
