Jarrod Kerr: Kiwibank chief economist says the Reserve Bank needs to help boost recovery following latest unemployment data
Kiwibank says the latest unemployment figures are ugly, but in line with expectations.
The unemployment rate rose to 5.1 percent in the December quarter - the highest it's been since September 2020.
It's being blamed on a slow economy reducing demand and making employers trim jobs.
Chief economist Jarrod Kerr says the Reserve Bank needs to do more to put New Zealand into recovery mode.
"Interest rates are still restrictive - they're restraining households, they're restraining businesses, we're seeing it in the labour market, it's time to take some of that pressure off."
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