New Zealand unemployment rises to 11-year high before vote

· Economy · New Zealand

New Zealand's jobless rate unexpectedly increased to a fresh 11-year high in the third quarter, Bloomberg reported, adding to pressure on the government just three days before Saturday's general election. The weak labour data gives the opposition fresh ammunition as voters focus on living costs, jobs and housing. Polls show the ruling National party and opposition Labour neck-and-neck ahead of the vote.

Why it matters：Rising unemployment in a small open economy at election time shows how anti-inflation rate hikes are now hitting jobs, a pattern relevant to central banks elsewhere.

Key points

  • The jobless rate hit an 11-year high in the third quarter.
  • The election is on Saturday.
  • National and Labour are neck-and-neck in the polls.

Sources (original reporting)

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