Unemployment expected to rise as demand for labour stays "sluggish"
Follow
the podcast on
The job market is expected to remain tight for quite some time.
Many economists are picking today's unemployment rate will increase from 5.3% to 5.5% for the June quarter.
ASB Senior Economist Mark Smith told Ryan Bridge the war in Iran and the surrounding uncertainty has probably spooked many employers.
He says they may even hold off making any hiring decisions until next year.
Smith says manufacturing and construction are likely to see bigger job losses, and workers under 25 are suffering the most, with their unemployment rate sitting around 15%.
LISTEN ABOVE
Take your Radio, Podcasts and Music with you
Get the iHeart App
Get more of the radio, music and podcasts you love with the FREE iHeart app. Scan the QR code to download now.
Download from the app stores
Stream unlimited music, thousands of radio stations and podcasts all in one app. iHeart is easy to use and all FREE
