TD Securities analysts note that New Zealand’s unemployment rate for Q2 decreased to 3.9% from 4.2% in Q1, beating forecasts at 4.3%.
Key Quotes
“The jobless rate reached an 11-year low, the lowest level since mid-2008. Employment for Q2 rose 0.8% q/q and rose 1.7% on an annual basis. Non-government wages also increased 0.8%, the most in more than a decade.”
“The participation rate for Q2 remained unchanged at 70.4%. The report is the final key piece of data before the RBNZ makes a decision on interest rates tomorrow against a backdrop of a faltering domestic economy and rate reductions by global peers.”
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