New Zealand Unemployment Rate Stays Near Record Low, Wages Soar
- Ordinary time wages rise most since series began in 1993
- Central bank expected to deliver more interest rate increases
Today’s report showed a surge in labor force participation while the number of people neither working nor looking for work slumped, reflecting the strong demand for workers.
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New Zealand unemployment was unchanged near a record low in the third quarter while wages rose by the most since the series began, adding pressure on the central bank to keep raising interest rates.
The jobless rate was 3.3%, matching the second quarter, Statistics New Zealand said Wednesday in Wellington. Economists expected a decline to 3.2%, which would have matched the record low. Employment rose 1.3% from the previous three months, much more than economists expected, while annual wage inflation accelerated to 3.8%.