November 05, 2024 22:04 GMT
MNI BRIEF: NZ Q3 Unemployment Prints At 4.8%
MNI (SYDNEY) - New Zealand’s Q3 unemployment rate printed at 4.8%, 20 basis points lower than the market’s expectations and the Reserve Bank of New Zealand’s August predictions, but higher than Q2’s 4.6%, according to data released Wednesday by Stats NZ.
The rate increased 0.2% q/q, while employment fell 0.5% q/q, 10bp more than expected.
Salary and wage rates, including overtime, increased 3.8%. The underutilisation rate fell 0.2 percentage points to 11.6%, while the employment rate dropped 0.6 pp to 67.8%.
The RBNZ monetary policy committee next meets Nov 27.
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