Labour force participation rate also down
New Zealand's unemployment rate went up in the September quarter to reach a new high in nearly four years, according to the latest data from Stats NZ.
The Household Labour Force Survey revealed a 4.8% unemployment rate in the September 2024 quarter.
That’s up slightly from 4.6% in the previous quarter.
"The unemployment rate has grown over the last two years, rising from 3.2% in the September 2022 quarter to 4.8% this quarter," said labour market statistics manager Deb Brunning in a statement.
The employment rate also declined to 67.8% in the September 2024 quarter, down from 68.4% in the previous quarter and 69.3% a year ago.
"While net employment remained stable, there were changes in who was employed over the year, as 45,700 more people who had been recently employed became jobless," Brunning said.
"Compared with last September quarter, there were about a third more people reporting they had left their last job through redundancies or business shutdowns."
Annually, individuals who were laid off, made redundant, or lost their jobs due to business closures after being employed in the last five years also increased by 34.5%, according to the report.
Overall, the labour force participation rate in September 2024 was down to 71.2%, a decrease of 0.5 percentage points from the previous quarter.
Brunning noted various reasons behind the decline, such as retirement, discouragement, study, or being permanently unable to work.
"From the survey, some of the largest increases in those not in the labour force over the year came from people mainly engaged in leisure activities, studying or training, and taking care of themselves due to their own sickness, illness, injury, or disability," the Stats NZ official said.
