New Zealand: Unemployment rate ticks up in Q4
The seasonally-adjusted unemployment rate rose to 4.0% in Q4 from 3.9% in Q3.
Meanwhile, the underutilization rate—which includes both unemployment and underemployment—increased to 10.7% in Q4 from 10.4% in Q3.
Though the labor market softened in Q4, it remained fairly 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.