New Zealand Jobless Rate at Five-Year High as Economy Slows

New Zealand’s jobless rate rose to the highest in almost five years in the second quarter, the latest sign of an economic slowdown that could prompt the central bank to resume interest-rate cuts.

Unemployment climbed to 5.2% from 5.1% in the first quarter, Statistics New Zealand said Wednesday in Wellington. That’s the highest since the third quarter of 2020, though less than economists’ estimate of 5.3%. Employment fell 0.1% from the previous three months, matching estimates.