Overview
- Stats NZ reported the unemployment rate fell to 5.3% in the March quarter, with 163,000 people unemployed.
- The broader underutilisation rate stayed at 12.9%, leaving 406,000 people either unemployed, underemployed or on the edge of the labour force.
- Annual wage growth was 2.0%, trailing roughly 3.1% consumer inflation, and average ordinary-time earnings reached NZ$44.12 an hour.
- Youth disengagement worsened as the 15–24 NEET rate rose to 14.4%, with women aged 20–24 at 20.3%, pointing to tougher entry into work or study.
- Economists warned that higher oil prices tied to the Middle East conflict could slow hiring and make the Reserve Bank cautious about raising interest rates.