New Zealand Unemployment Hits Decade-High as Rates Rise

New Zealand's unemployment rate has reached a decade-high of 5.6% in Q2, surpassing market forecasts and previous estimates.

The data from Statistics New Zealand showed that despite employment gains, the number of people looking for work increased sharply, leading to the higher jobless rate.

This marks the highest unemployment rate since late 2015, when it was last at this level. The Reserve Bank of New Zealand has indicated that more interest rate hikes are needed to remove stimulus from the economy and combat inflation.