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New Zealand's seasonally adjusted unemployment rate edged up to 5.3% in the September 2025 quarter from 5.2% in the previous period, matching market expectations. This was the highest jobless rate since the fourth quarter of 2016, as the number of unemployed individuals rose by 2,000 from the prior quarter to 160,000. At the same time, employment growth stalled during the quarter. The labour force participation rate also fell to 70.3% from 70.5%, signaling a modest decline in workforce engagement. The underutilisation rate, a broader measure of spare labour capacity, ticked up to 12.9% from 12.8% and was well above the 11.7% level a year earlier. These figures pointed to rising slack in the labour market amid a softening economic momentum, underlining the need for further policy stimulus.