New Zealand Unemployment Reaches Highest Level Since 2015
- brg_news_room
- 13 minutes ago
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New Zealand: New Zealand's unemployment rate increased to 5.6% in the second quarter of 2026, the highest level since late 2015, according to Statistics New Zealand. The figure rose from a revised 5.4% in the previous quarter and exceeded the market forecast of 5.4%. The increase was driven by a rise in the number of people seeking employment, which outpaced growth in employment. The data indicates continued labour market slack, which could influence the outlook for interest rates. The figures come ahead of the country's general election scheduled for November.
Finance Minister Nicola Willis said April, May and June were "difficult months for many employers". "For the New Zealanders who've been out there looking for work in that environment, we know it's been hard going," she said. Prime Minister Christopher Luxon, elected in 2023, has faced declining public support amid slower economic growth and rising unemployment, while opinion polls indicate a closely contested election.
Source: Reuters