New Zealand's unemployment rate climbed to a four-year high at the end of 2022, reaching 5.1% in the fourth quarter, according to Statistics New Zealand. This increase follows a sharp recession and a decline in hiring. Economists had anticipated a rate of 5.1%.
Employment decreased by 0.1% compared to the previous three months, a smaller decline than the estimated 0.2%. Annual wage inflation continued to slow, marking its seventh consecutive quarter of deceleration.