The unemployment rate has lifted to 3.9% according to Stats NZ.
This is compared to 3.6% in the last quarter.
Stats NZ said this morning the underutilisation rate also lifted to 10.4% in the September 2023 quarter.
Underutilisation reflects people who don't have a job but are seeking employment, are employed part time but want to increase the number of hours they work, want a job but are not currently seeking one, or those who are unavailable to start work but are looking for a job as they will be able to start work within the next month.
"Increases in unemployment and underutilisation over the year indicate increasing spare capacity in the labour market following competitive labour market conditions in 2021 and 2022," work and wellbeing senior manager Victoria Treliving said.
Stats NZ said in the September 2023 quarter, the number of people who were underutilised increased by 13,000.
"Growth in the number of unemployed and underemployed people contributed roughly equal amounts to the increase, up 8000 and 7000 respectively. The potential labour force fell slightly by 2000."
The employment rate fell to 69.1% from a series high of 69.8% last quarter. But the rate remains historically high – the fifth highest rate since the Household Labour Force Survey began in 1986.
“The fall in the employment rate over the quarter reflects two factors – growth in the working-age population and a decrease in the number of employed people,” Treliving said.
The employment rate is the number of employed people as a proportion of the working-age population. The working-age population grew by 31,000 over the quarter, while the number of employed people fell by 6000.
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