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Michael Gordon, Senior Economist at Westpac, notes that the New Zealand’s unemployment rate fell sharply from a downwardly revised 4.4% to 3.9%, taking it to its lowest level since June 2008.

Key Quotes

“We’re wary of the inherent noisiness of this survey. But the broader sweep of evidence points to continued moderate jobs growth and a gradual tightening in the labour market.”

“The Reserve Bank won’t have much time to digest today’s results, but this is another piece of evidence that weakens the case for more  stimulus.”