New Zealand: Unemployment rate rises in Q3
The seasonally-adjusted unemployment rate rose to 3.9% in Q3 from 3.6% in Q2.
Meanwhile, the underutilization rate—which includes both unemployment and underemployment—increased to 10.4% in Q3 from 10.0% in Q2.
Though the labor market softened in Q3, 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 2024 on the back of the lagged effects of previous interest rate hikes.