LISTEN: A fall in the unemployment rate shows just how tight the labour market is, a leading economist has told Magic Talk.
Statistics New Zealand confirmed on Wednesday unemployment dropped to 4 percent in the June 2021 quarter.
The Labour Market Survey shows the number of unemployed people fell to 117,000, seasonally adjusted figures show.
When you compare it to the March 2021 quarter, the unemployment rate was 4.7 percent and there were 17,000 fewer unemployed.
"Going back to 4 percent - lower than we were pre-pandemic and with the sharp drop in underutilisation to 10.5 percent, we are seeing an incredibly tight labour market," Infometrics principal economist Brad Olsen said.
Listen to the full interview with Brad Olsen above.