New Zealand’s labour market participation has fallen significantly
May 1, 2024
New Zealand’s unemployment rate rose more than expected in the March quarter, despite a sharp fall in the number of people participating in the labour market, bringing the Reserve Bank of New Zealand closer to cutting interest rates ahead of the US Federal Reserve. The labour market is softening, with unemployment rising sharply to 4.3%, above the 4.2% level expected and the 4% rate reported three months earlier. A year ago, unemployment was 3.4%.
