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The unemployment rate in New Zealand picked up to 4.6% in the three months to June of 2024, following an upwardly revised 4.4% in the previous quarter. It marked the highest figure since the first quarter of 2021 and slightly below market expectations of 4.7%. The underutilisation rate, which is a broader measure of spare labor capacity than unemployment alone,rose to 11.8% from 11.2% in the prior quarter. The seasonally adjusted labor force participation rate, which includes both employed and unemployed individuals, stood at 71.7%, compared to 71.6% in the previous quarter.