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NZ Unemployment Rate Hits Highest Level Since 2021 Amid Economic Slowdown

Guavy AI Editorial Team
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NZD
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New Zealand's unemployment rate rose to 5.6% in Q2 of 2024, exceeding forecasts and reaching its highest level since mid-2021.

The increase from 5.1% in Q1 is attributed to restrictive monetary policy, subdued economic growth, and a slowdown in key sectors such as construction and manufacturing.

The number of unemployed people increased by 20,000 in the June quarter, bringing the total to approximately 169,000.

Annual wage inflation cooled to 3.6% in the year to the June quarter, down from 4.1% in the previous quarter, indicating easing domestic inflationary pressures.

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