New Zealand's unemployment rate rose to 3.6% in the June 2023 quarter, compared to 3.4% in the previous quarter. The underutilization rate also incre
New Zealand’s unemployment rate rose to 3.6% in the June 2023 quarter, compared to 3.4% in the previous quarter. The underutilization rate also increased from 9.1% to 9.8%, driven by a rise in underemployed part-time workers who wanted more hours. Despite the increase, the underutilization rate remains relatively low historically. Annual wage cost inflation remained at 4.3% in the June quarter. Seek.co.nz reported a 20% decline in job ads in June compared to last year, but the number of jobs on the site is still strong, especially in engineering, construction, trades, and services, while hospitality and tourism sectors are experiencing slower recovery due to challenges and fewer job opportunities.
