New Zealand: Unemployment rate rises in Q2
The seasonally-adjusted unemployment rate rose to 3.6% in Q2 from 3.4% in Q1.
Meanwhile, the underutilization rate—which includes both unemployment and underemployment—increased to 9.8% in Q2 from 9.1% in Q1.
Though the labor market softened in Q2, it remained tight by historical standards: The unemployment rate averaged 4.7% in the decade to 2022. A further slight loosening of the labor market is expected in H2 on the back of tighter monetary policy.