New Zealand's unemployment rate rose to 5.7 per cent in the three months to September, up from 5.6 per cent and its highest level in almost 11 years, according to Stats NZ figures reported by 1News. Unemployment rose by 3,000 over the quarter to 174,000, above most forecasts.
The long-term unemployed, those without work for a year or more, made up about 21.5 per cent of the total, the largest share since 1994. Employment fell by around 4,000, while casual and fixed-term roles grew strongly over the year. Underutilisation stayed at a 12-year high of 13.8 per cent. Northland had the highest regional rate at 8.3 per cent. Wage growth remained weak at 2.1 per cent, which the Reserve Bank has said is needed to ease inflation.
Source: 1News