NZ Unemployment Hits 11-Year High Amid Worrying Economic Trends

New Zealand's unemployment rate has hit its highest level in nearly 11 years, according to Stats NZ figures. The seasonally adjusted rate rose to 5.6% in the June quarter, with 171,000 people out of work.

The broader underutilisation rate also climbed to a 13.8%, its highest since 2013, with 440,000 people wanting more work but not actively searching for it.

Economist Bernard Hickey pointed out that the economy is struggling due to falling house prices and wages, which have been flat for years.

The government's framing of a recovery under way has been disputed by Hickey, who notes that the Reserve Bank's recent rate hike has dented business confidence.