New Zealand’s 1Q jobless figure hits three-year high

Tough times: A morning commuter on Ponsonby Road in Auckland. New Zealand’s economy may be headed for a hard landing after business confidence slumped in the first quarter. - Bloomberg

WELLINGTON: New Zealand’s jobless rate rose to a three-year high in the first quarter and employment unexpectedly fell as high interest rates cooled demand and curbed hiring.

Unemployment climbed to 4.3% from 4% in the fourth quarter, the highest since the first quarter of 2021, according to Statistics New Zealand.