New Zealand Unemployment Reaches 11-Year High as Fuel Shock Hits

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessNew Zealand Unemployment Reaches 11-Year High as Fuel Shock HitsNew Zealand’s jobless rate rose to an 11-year high in the second quarter as the global energy shock squeezed company profits and more people sought work.Author of the article: You can save this article by registering for free here. Or sign-in if you have an account.(Bloomberg) — New Zealand’s jobless rate rose to an 11-year high in the second quarter as the global energy shock squeezed company profits and more people sought work.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountUnemployment increased to 5.6% from a revised 5.4% three months earlier, Statistics New Zealand said Wednesday in Wellington. That’s the highest level since the third quarter of 2015 and exceeded economists’ median estimate of 5.4%. Employment rose 0.5% from the prior three months, outpacing the 0.1% estimate.New Zealand’s economic recovery remains fragile in the face of geopolitical ructions such as the US-Iran war, which has driven up costs and eroded business confidence. Last month, the Reserve Bank began raising interest rates to counter inflationary pressures, suggesting firms will remain cautious about future hiring in the near term.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe New Zealand dollar fell after the report, buying 58.89 US cents at 10:55 a.m. in Wellington.The jobs report will be unwelcome news for the center-right coalition government which faces a general election in early November. The ruling National Party trails in opinion polls as voters grow weary of its claims to be the superior economic manager at a time when the recovery is still struggling for traction.The RBNZ increased the Official Cash Rate to 2.5% in July and said a further reduction in stimulus is likely. Investors are wagering the benchmark will rise to 3% by the end of the year.Employment rose 1.2% from the year-earlier quarter versus economists’ estimated 0.7% increase, the data showed.The labor force participation rate, which measures how much of the working-age population is actively seeking employment, unexpectedly climbed to 70.7% from 70.4%. Economists expected 70.4%.The report showed annual wage inflation accelerated for the first time in three years. Ordinary time wages for non-government workers gained 2.1% from a year earlier, rising from a 2% pace in the first quarter.This advertisement has not loaded yet.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.