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Market Incident

Public · Developing

AI compiled from Infoway · 4 analyzed stories

New Zealand unemployment hits 5.7% in Q3, highest since 2015

New Zealand's unemployment rate rose to 5.7% in the third quarter, the highest since 2015, while employment fell 0.1% from the previous quarter, Statistics New Zealand data showed. Economists had forecast 5.5% unemployment and 0.4% employment growth.

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What happened

Statistics New Zealand reported that unemployment reached 5.7% in the third quarter, its highest level since 2015. Employment fell 0.1% from the previous quarter. The figures came ahead of the November 7 election, when inflation and living costs were major voter concerns.

Global impact / market context

The figures point to a weaker jobs picture, which may matter to households and voters. They do not show how markets reacted. The Reserve Bank kept its official cash rate at 2.75%, while its governor indicated further increases were likely.

What to watch

  1. Check the next unemployment reading to see whether the rate rises further; this would show whether job conditions continue to weaken.
  2. Check the next employment figures to see whether employment recovers or falls again.
  3. Check whether the Reserve Bank changes its official cash rate; its governor indicated further increases were likely, which matters for borrowing costs.

Affected assets

  • New Zealand dollar

Evidence