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New Zealand's unemployment rate rose to 4.8% in the September quarter of 2024, up from 4.6% in the previous period and reaching its highest level since the December quarter of 2020. This figure was below market expectations of 5%. The underutilization rate stood at 11.6% in September, down from 11.8% in June 2024. On an annual basis, the number of unemployed individuals increased by 24.2%, totaling 144,900 (not seasonally adjusted). The seasonally adjusted labor force participation rate for the September quarter was 71.2%, reflecting a decline of 0.5 percentage points from the previous quarter and 0.8 percentage points from the previous year.