New Zealand Unemployment Unexpectedly Falls as War-Hit Looms

New Zealand’s jobless rate unexpectedly declined in the first quarter as fewer people sought work, with firms bracing for a squeeze on earnings from the Middle East oil-price shock filtering through the economy.

Unemployment edged down to 5.3% from 5.4% three months earlier, Statistics New Zealand said Wednesday in Wellington. The median estimate was 5.4%. Employment rose 0.2% from the prior three months, missing the 0.3% estimate.