New Zealand Unemployment Rate

The unemployment rate in New Zealand was recorded at 4.3% in March quarter of 2023, the highest reading since first quarter of 2021, up from 4% in the prior period and beating market estimates of 4.2%. The underutilisation rate, which is a broader measure of spare labor capacity than unemployment alone, rose to 11.2%, up from 10.7%. in the previous quarter. The seasonally adjusted labour force participation rate fell to 71.5%, down from 71.9% last quarter. The number of people who were not in the labour force (NILF) increased to 1,224,000 in the three months to March 2024, up 22,000 over the quarter and 61,000 over the year.