New Zealand unemployment expected to push up to near 11-year high
Major bank economists expect New Zealand's unemployment rate to inch up to 5.4 or 5.5 percent for the three months ended June. That would mark a level not seen in nearly 11 years.
Economists at New Zealand's major banks expect the unemployment rate to rise to between 5.4 and 5.5 percent for the three months ended June. The forecast points to a marked increase from the previous quarter.
The expected level would mark a rate not seen in the country for nearly 11 years. Economists link the rise to weakening domestic demand and employers' increasing caution around hiring.
Official unemployment data is due in the coming days, and it remains to be seen whether it will confirm economists' forecasts. The figures could also influence the central bank's monetary policy decisions.
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