Statistics NZ have released interesting data projecting New Zealand’s labour force to keep growing, driven by an increasing population and people working into older ages. Currently, 2.5 million people are in the labour force (employed and unemployed). The new projections indicate a total labour force of 2.7 million around 2023 and 2.9 million in the mid-2030s.
In the longer term, though, the labour force is likely to grow much slower. The projections indicate a total labour force of 3.1 million around 2050 and 3.2 million in the 2060s due to lower net migration and labour force participation rates may not keep increasing.
The labour force includes people aged 15 years and over who regularly work for one or more hours per week for financial gain, people who work without pay in a family business, and people who are unemployed and actively seeking part-time or full-time work.
People not in the labour force include people under 15 years of age, students who do not work for pay, people who are unemployed and not actively seeking work, some people with childrearing responsibilities, people who work without pay (but not in a family business), and people who have retired.
