VIEW: ANZ notes that "the unemployment rate....>

RBNZ: VIEW: ANZ notes that "the unemployment rate rose to 4.2% in the September

quarter, in line with ANZ's forecast but a touch higher than the market

expected. Employment was up a soft 0.2% q/q, with annual growth falling to 0.9%

y/y from 1.4%. Private sector wages lifted 0.6% q/q, in line with market

expectations, resulting in a tick-up in annual growth to 2.3% y/y. Public sector

wages surged on the back of collective agreements. The Q3 labour market print is

unlikely to be a game-changer for the MPS decision next week, as the labour

market data generally lags broader economic activity. But softer economic

momentum looks set to persist at least until the end of the year. We continue to

expect an OCR of 0.25% by mid-2020 (with cuts in November, February, and May)."