Economics
New Zealand Employment Unexpectedly Falls, Jobless Rises
- Data reinforce expectation of December RBNZ Rate Cut: ASB
- New Zealand dollar weakens half a U.S. cent after report
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New Zealand employment unexpectedly fell for the first time in three years in the third quarter, pushing up the nation’s jobless rate and sending the currency lower.
Employment dropped 0.4 percent from the second quarter and the unemployment rate rose to 6 percent from 5.9 percent, Statistics New Zealand said Wednesday in Wellington. Economists had forecast a 0.4 percent increase in employment, according to the median estimate in a Bloomberg News survey.