Overview
- The number of unemployed reached 160,000, the largest since early 1994, with employment flat on the quarter and a net loss of about 18,000 jobs over the past year.
- Labour underutilisation rose to 12.9%, the highest since late 2020, including 22,700 people unemployed for more than a year.
- Youth unemployment climbed to 15.2%, and the share of 15–24 year olds not in education or training increased to 13.8%.
- Annual private‑sector wage growth slowed to 2.1%, a five‑year low that trails roughly 3% consumer price inflation.
- The data landed near Reserve Bank projections and strengthened market expectations for a further 25 basis point OCR cut later this month, as the New Zealand dollar hit a seven‑month low and local shares edged lower.