Unemployment rate not ‘as bad as feared’ but still formidable

New Zealand’s unemployment rate rose to 5.3% in the September quarter, from a surprisingly low 4.0% in the June quarter. The result was close to market forecasts, and significantly better than expected by the Reserve Bank of New Zealand (RBNZ). The economy’s rapid rebound from the Covid-19 lockdown means that unemployment is likely to plateau at much lower levels than…

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