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New Zealand Unemployment Q2 2023

New Zealand: Unemployment rate rises in Q2

The seasonally-adjusted unemployment rate rose to 3.6% in Q2 from 3.4% in Q1.

Meanwhile, the underutilization rate—which includes both unemployment and underemployment—increased to 9.8% in Q2 from 9.1% in Q1.

Though the labor market softened in Q2, it remained tight by historical standards: The unemployment rate averaged 4.7% in the decade to 2022. A further slight loosening of the labor market is expected in H2 on the back of tighter monetary policy.

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