New Zealand Jobless Rate Jumps To 6.5%

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New Zealand's unemployment rate rose in the September quarter to 6.5 percent, according to a report issued Thursday by Statistics NZ.

The figure compares to a rate of 6.0 percent in the June quarter.

Statistics NZ said the number of unemployed people increased in seasonally adjusted terms by 12,000 to 150,000. It was the highest number of unemployed New Zealanders since the March 1994 quarter.

Unemployment increased among both males and females, the agency said, noting the number of unemployed has increased steadily since the December 2007 quarter.

The number of employed New Zealanders fell by 17,000 in Q3.

Statistics NZ said actual hours worked decreased 0.7 percent in the September quarter, and are 3.1 percent lower than one year ago.

New Zealand's workforce participation rate decreased 0.4 percent in the quarter to 68.0, reaching its lowest rate since the March 2008 quarter.

(Market News Provided by RTTNews)