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Why NZ Faces Worst 'Labour Scarring' Risk Since 1990s
- New Zealand's unemployment rate rose to 5.7% in the third quarter, its highest level since 2015, while employment fell 0.1% from the previous quarter, according to data released by Statistics New Zealand on Wednesday.
- The economic data arrives three days before New Zealand's November 7 election, intensifying pressure on Prime Minister Christopher Luxon's National Party-led coalition government, which faces voter concerns over cost-of-living strains.
- Official figures show 174,000 people were unemployed last quarter, while the proportion of those aged 15 to 24 years not in employment, education, or training rose to 14.1% and annual wage growth eased to 2.0%.
- Labour Party finance spokesperson Barbara Edmonds criticized the results as a "damning verdict" on Luxon's economic management, stating that "Kiwis are paying the price" as working families struggle with cost-of-living pressures.
- With the Reserve Bank holding the cash rate steady at 2.75% last week, these figures may ease pressure on future rate increases, though Labour has pledged to return the central bank to a dual mandate if elected.
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14 Articles
14 Articles
New Zealand unemployment hits 5.7% in Q3, highest since 2015
·London, United Kingdom
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Coverage Details
Total News Sources14
Leaning Left1Leaning Right3Center6Last UpdatedBias Distribution60% Center
Bias Distribution
- 60% of the sources are Center
60% Center
C 60%
R 30%
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