February 04, 2025 22:06 GMT
MNI BRIEF: NZ Unemployment At 5.1% Over Q4
MNI (MELBOURNE) - The New Zealand unemployment rate rose 30 basis points to 5.1% over Q4, in line with market expectations and the Reserve Bank of New Zealand’s most recent forecast, Stats NZ data showed Wednesday.
The underutilisation rate increased to 12.1% from 11.6%, while the employment rate dropped to 67.4% from 67.7%. Wages meanwhile increased 3.3%, the data showed.
The RBNZ is set to ease the 4.25% official cash rate an additional 50bp when the monetary policy committee next meets on Feb 19, and will also likely follow up with an additional 50bp cut at the following meeting. (See MNI INTERVIEW: RBNZ To Ease Below Neutral By Q3 - Ex Official)
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