Economics
New Zealand Jobless Rate Falls to 14-Year Low, Hiring Surges
- Employment jumped by 2% compared with forecast 0.4% increase
- Currency gains as traders boost bets on interest-rate hikes
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New Zealand’s unemployment rate fell to its lowest level in almost 14 years in the third quarter as employment surged, sending the currency higher as traders boosted bets on interest-rate increases.
The jobless rate dropped to 3.4% from 4% in the second quarter, the lowest rate since the fourth quarter of 2007 and matching the lowest on record, Statistics New Zealand data showed Wednesday in Wellington. Economists expected 3.9%. Employment jumped 2% from the previous three months versus expectations of a 0.4% gain.