New Zealand’s unemployment rate has, against expectations, risen 0.1 percent to 3.3 percent in the June quarter, Stats NZ revealed.
“Measures of spare labour market capacity have fallen over the year and remained low for several quarters, continuing to show a tight labour market,” Stats NZ senior manager Becky Collett said.
Despite the slight increase, many people shifted from part-time to full-time work, resulting in a 0.5 percent increase in hours worked.
Annual wage growth also saw the largest increase since late 2008, up 3.4 percent in the three months to June.
However, this wage inflation is still a far cry from the annual consumer price index, which sits at 7.3 percent….