Unemployment Hits 11-Year High in New Zealand

New Zealand’s unemployment rate rose to 5.7% in the September quarter, its highest level since 2015 and above economists’ and the Reserve Bank’s forecasts. About 174,000 people were unemployed on a seasonally adjusted basis, while employment fell 0.1% from the previous quarter. Long-term unemployment increased, with 21.5% of unemployed people out of work for a year or more, its largest share since 1994; broader underutilisation remained high at 13.8%. The participation rate edged down, and employment shifted toward more part-time, casual and fixed-term work. Wage growth also slowed, adding to signs of continued weakness in the labor market.