NZ Unemployment Rate Surges to 11-Year High Amid Mixed Labour Market Signals

New Zealand's unemployment rate rose to an 11-year high of 5.6% in the second quarter, surpassing forecasts and reaching its highest level since 2011.

The employment change figure for the quarter came in at 0.5%, significantly higher than the expected 0.1% and up from 0.2% growth in the previous quarter.

Wage growth also outpaced expectations, with the Labour Costs Index rising 2.1% year on year and 0.7% quarterly.

The mixed signals from the data will likely influence the Reserve Bank of New Zealand's upcoming monetary policy decision on September 2.