Unemployment rate rises to 4% from 3.9%

New Zealand’s unemployment rate rose from 3.9% to 4% in the last three months of 2023, according to data released by Statistics New Zealand on Wednesday morning. It appears the labour market has held stronger than expected by economists, many of whom were expecting an unemployment rate closer to 4.3%. The total employment rate was 69%. “The employment rate decreased over the past six months as the working-age population grew faster than employment, meaning the proportion of people who were employed declined,” Collett said. Public sector wages rose faster than in the private sector.