Young labour force(d) to the back of the queue

We have a labour market round-up this week. The unemployment rate was 5.6% for the June quarter. This lags behind the rest of the economy, so it's a reflection of where we were 6-9 months ago. That's before the strength we saw in January and February (and before the oil crisis). Youth are the shock absorbers that take the impact when the economy hits a bump. With a 17.2% unemployment rate for those aged 15 to 24, compared to 3.5% for those aged 35 to 44. Youth unemployment has always been elevated relative to older groups, but the current level is among the highest seen in 14 years.Overall, the picture feels bleak. Wages are not keeping up with prices (2% wage growth vs 4.1% inflation) and households are going backwards. But not all of NZ is feeling it the same way. Unemployment was 6% for the North Island compared to only 3.7% in the South Island.Hosted by Jarrod Kerr, Alexandra Turcu and Elliott Lowe. Follow our economic commentary & insights here.Any views or information shared in this podcast, while given in good faith, aren't necessarily the view of Kiwibank.