Stats NZ reported 160,000 people were unemployed, including 22,700 out of work for more than a year, while youth unemployment hit 15.2%.
Underutilisation, a broader measure of job market slack, climbed to 12.9%, and total employment was unchanged from the previous quarter.
Wage growth slowed to 2.1% compared with 3% inflation, putting pressure on households. The data, largely in line with forecasts, is expected to support another Reserve Bank interest rate cut later this month.
Finance Minister Nicola Willis said the government’s economic measures, including tax relief and infrastructure investment, aim to restore “confidence and job growth”.
Daily Telegraph New Zealand (DTNZ) is an independent news website, first published in October 2021. - where this article was sourced.
Underutilisation, a broader measure of job market slack, climbed to 12.9%, and total employment was unchanged from the previous quarter.
Wage growth slowed to 2.1% compared with 3% inflation, putting pressure on households. The data, largely in line with forecasts, is expected to support another Reserve Bank interest rate cut later this month.
Finance Minister Nicola Willis said the government’s economic measures, including tax relief and infrastructure investment, aim to restore “confidence and job growth”.
Daily Telegraph New Zealand (DTNZ) is an independent news website, first published in October 2021. - where this article was sourced.
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