New Zealand's unemployment rate rises to a nine-year high, with a weak economy dragging down employment.

New Zealand's unemployment rate in the third quarter rose to the highest level in nine years, as a weak economy has made businesses unwilling to hire new employees. Data released by Statistics New Zealand on Wednesday showed that the unemployment rate rose from 5.2% in the second quarter to 5.3%. This data was in line with economists' expectations and is the highest level since the fourth quarter of 2016. Employment remained flat compared to the previous three months, weaker than the market's expectations of a 0.1% increase. New Zealand's economy has not seen growth in the first half of the year, and the recovery in the second half may be constrained by a slowdown in immigration and a sluggish real estate market. The Reserve Bank of New Zealand has already cut interest rates beyond initial expectations and has hinted at another rate cut later this month. Following the release of the data, the New Zealand dollar fell, trading at 56.45 US cents at 10:48 AM in Wellington, down from 56.52 US cents earlier.