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Unemployment in New Zealand spiked to its highest level in more than a decade in the final three months of 2009.
Statistics NZ reported Thursday that its Household Labour Force Survey showed the nation's jobless rate rose in Q4 to 7.3 percent, its highest level since the June 1999 quarter.
The figure was well above the Reserve Bank of New Zealand's forecast of a 6.6 percent jobless rate for the December quarter.
The number of unemployed New Zealand residents grew to 168,000.
News of the rise in joblessness sent the kiwi dollar lower against the U.S. greenback. The kiwi fell from US$0.708 to US$0.70 on the news, and slipped further by mid-trading session.
Statistics NZ also reported that the participation rate, the percentage of the working age population either employed or actively seeking jobs, increased to 68.1 percent from 68.0 in Q3 The government agency said the rise in the jobless rate, from the Q3 reading of 6.5 percent, was primarily due to more people entering the work force but being unable to find employment.
That conclusion stems from a 6.4 percent increase in joblessness among 15 to 24-year-olds, with unemployment in that sector climbing to 18.4 percent.
The number of New Zealand residents receiving unemployment benefits rose 3.0 percent in January to 68,369, Statistics NZ said, slightly below the government's forecast of 70,000 and an increase of 12 percent from one year earlier.
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