Overview
- Stats NZ reported 160,000 people unemployed, the highest headcount since early 1994.
- Broader underutilisation rose to 12.9%, the highest since late 2020, as the economy shed 18,000 jobs over the past year.
- Annual wage growth slowed to 2.1% against 3% inflation, a five-year low indicating falling real pay.
- Slack is uneven, with youth unemployment at 15.2% and jobless rates above 6% in Northland, Auckland and Waikato while all South Island regions remain below 5%.
- Finance Minister Nicola Willis said unemployment tends to lag recoveries and pointed to tax relief and infrastructure spending to support growth.