Jobless rate hit a two-year high in New Zealand

The New Zealand jobless rate hit a two-year high in the June quarter as strong demand for labour was met by a jump in the number of people looking for work, helping keep a lid on wage pressures and thus interest rates.

The New Zealand jobless rate hit a two-year high in the June quarter as strong demand for labour was met by a jump in the number of people looking for work, helping keep a lid on wage pressures and thus interest rates.

Data released by Statistics New Zealand on Wednesday highlighted that the country's labour market remains tight but there are signs that it is easing with the unemployment rate climbing to 3.6 per cent from 3.4 per cent in the prior quarter.

At the same time, the underutilisation rate increased with part-timers looking for more hours.