SYDNEY ― New Zealand's jobless rate rose to a near four-year high in the September quarter as employment dropped by the most since 2020, cementing market wagers another outsized cut in interest rates will be delivered later this month.
SYDNEY ― New Zealand 's jobless rate rose to a near four-year high in the September quarter as employment dropped by the most since 2020, cementing market wagers another outsized cut in interest rates will be delivered later this month.Wednesday's data from Statistics New Zealand showed the unemployment rate rose to 4.8 percent in the third quarter, from 4.6 percent the previous quarter and just under analyst forecasts of 5.0 percent.
The job participation rate was 71.2 percent in the third quarter, under forecast of 71.5 percent.The loosening labor market saw private sector wages rise a modest 0.6 percent in the quarter, dragging annual growth down to 3.4 percent.Growth in overall wages slowed to 3.9 percent, a long way from the 7.6 percent peak seen in early 2023.That easing should help put more downward pressure on inflation, which dropped to 2.2 percent in the third quarter from a 2022-high of 7.3 percent.
Zealand Q3 Unemployment Hits 4-Year High
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