There's concerns the unemployment rate will rise more.
Stats NZ released its labour market update for the December quarter today, with unemployment up to four percent.
3000 more people were unemployed than in the previous quarter, hitting 122,000.
Employers and Manufacturers Association Advocacy head, Alan McDonald, says many members called them about restructuring and redundancies in late 2023.
"That hasn't probably worked its way into those numbers yet, and that's what I think we'll see when the next quarter numbers come out for the start of this year."
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