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New Zealand Jobless Rate Rises To 3.3% In Q2
(RTTNews) - The unemployment rate in New Zealand came in at a seasonally adjusted 3.3 percent in the second quarter of 2022, Statistics New Zealand said on Wednesday.
That was above expectations for 3.1 percent and up from 3.2 percent in the three months prior.
The employment change was flat - also missing expectations for an increase of 0.4 percent following the downwardly revised flat reading in the first quarter (originally a gain of 0.1 percent).
The participation rate was 70.8 percent, again shy of forecasts for 71.0 percent and down from 70.9 percent in the previous three months.
The labor costs index was up 1.1 percent on quarter and 3.4 percent on year.
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New Zealand Holds Key Rate As Expected
The Reserve Bank of New Zealand left its benchmark interest rate unchanged on Wednesday citing elevated level of uncertainty and near-term risks to inflation. The Monetary Policy Committee, governed by Christian Hawkesby, decided to hold the Official Cash Rate at 3.25 percent. The bank has paused the easing cycle for the first time since it started cutting rates in August 2024.
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New Zealand Building Permits Jump 10%In May
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New Zealand Building Consents Slump 15.6% In April
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New Zealand Retail Sales Rise 0.8% In Q1
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