ANZ thinks unemployment could hit near 10 per cent by the end of the year

Stats NZ is due to release the employment figures today - which will include the Level 4 lockdown - and are forecast to be higher than the 4.2 percent recorded for the March quarter.

Senior economist Liz Kendall says the bank is predicting unemployment to sit about 5.7 per cent for the June quarter - similar to what was seen around the Global Financial Crisis.

But she says they're expecting the rate to only rise from here.

Kendall thinks we're only starting to see the beginning of a recession.