New Zealand jobless rate hits 5-year high as economic slowdown deepens

Description

New Zealand’s job market loses steam, with unemployment rising to a 15-year high of 5.2% in Q2. That is the strongest reading since the first full quarter of recovery following COVID in Q3 2020. In the second quarter , the jobless rate was 5.2%, slightly higher than 5.1% during the first three months of the year. Although the increase was below market expectations (economists predicted 5.3%), it further fuels worry about a wider economic slowdown. Employment also shrank by 0.1% during the quarte...