Unemployment rises to 5.3% in the September quarter

The unemployment rate has risen sharply as the effects of Covid-19 become more evident.

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The jobless rate in the three months to September rose to 5.3 percent, up from 4 percent in the previous quarter.

Expectations had been for a rise to around 5.4 percent.

The figures cover the reimposition of lockdowns and the continued wage subsidy.

Stats NZ says there were 37,000 more people unemployed during the quarter, the biggest increase since 1986.

The underutilisation rate, a measure of slack in the jobs market, rose from 12 percent to 13.2 percent.

Wage growth slowed to an annual rate of 1.6 percent.

More to follow…..