Mark Smith: ASB Senior Economist on the employment rate being expected to hit 5.3% - The Mike Hosking Breakfast

Last year's recession is still being felt in the job market. 

Stats NZ data —due out this morning— is expected to show unemployment reached a nine-year high of 5.3% in the June quarter. 

The economy's been back in growth since the latter part of last year. 

But ASB Senior Economist Mark Smith told Mike Hosking the economy has lost about 40,000 jobs since the late 2023 peak. 

More full-time roles have been lost than part time, he explained, and the labour market is getting that much weaker.  

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