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Published 7 November 2023 | 2 min read
A growing pool of job seekers and part-time workers seeking more hours
Stats NZ recently reported that our beloved Aotearoa's unemployment rate has risen to 3.9% in the third quarter of 2023, up from the previous 3.6%. The underutilisation rate also climbed to 10.4%, reflecting a growing pool of job seekers and part-time workers seeking more hours.
Now, before you start sipping your flat whites and worrying about your businesses, let's dig a little deeper. What's causing this uptick in unemployment, and what does it mean for us? In essence, this increase is a result of the changing tides in the labour market. Competitive labour conditions in 2021 and 2022 led to tight competition for jobs, but it appears we're now experiencing a shift in the labour market's dynamics.