Unemployment Hits 11-Year High as NZ Labour Market Falters

The unemployment rate in New Zealand has risen to its highest level in nearly 11 years, reaching 5.6% in the three months ended June.

This is up from a revised 5.4% in the previous quarter and marks a significant increase of 7,000 people unemployed, with 171,000 people now without work.

The data was worse than expected, exceeding even the Reserve Bank's estimates in May, which had forecasted a lower rate of 5.3%.

According to Stats NZ, the growth in the workforce outpaced the number of jobs being created, resulting in a soft labour market and weak economy.