Unemployment Hits 11-Year High in New Zealand

Stats NZ reported on 4 November 2026 that New Zealand's unemployment rate rose to 5.7% in the September quarter from 5.6% in June, the highest since September 2015. Seasonally adjusted, 174,000 people were unemployed, the most since 1993. Employment fell 0.1% to 2,891,000. Of those unemployed, 21.5% had been out of work over a year, the largest share since 1994. Underutilisation stayed at 13.8%, its highest since December 2013, covering 438,000 people. The rate beat all major forecasts. Market consensus and the RBNZ had projected 5.5%; ANZ and BNZ tipped 5.6%, Westpac and ASB 5.5%, and Kiwibank 5.4%. The RBNZ held rates the week before. ANZ chief economist Sharon Zollner called the result "disappointing all 'round" and said employment growth was not yet enough to stem the four-year upward trend in unemployment. Labour finance spokesperson Barbara Edmonds said Luxon's approach had "made everything worse." "His last chance to show his plan was working has come and gone, and Kiwis are paying the price," she said. Greens co-leader Chloe Swarbrick said, "We know now there are more than 50,000 people unemployed in this country than when Christopher Luxon came to office." Gordon said employment was still not rising fast enough to absorb population growth. The release came three days before the 7 November 2026 election.