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Michael Gordon, Senior Economist at Westpac, notes that New Zealand’s Household Labour Force Survey (HLFS) recorded a 0.5% rise in employment for the June quarter, matching the growth in the working-age population, but with more people actively entering the workforce, the unemployment rate rose slightly from 4.4% to 4.5%.

Key Quotes

“New Zealand’s unemployment rate rose slightly in the June quarter, but in most other respects the details on jobs and wage growth were robust.”

“Annual growth in employment accelerated, and labour force participation remains near record highs.”

“Wage growth has accelerated, albeit slightly, even after accounting for Government mandated pay increases.”

“Today’s reports will provide some comfort to the Reserve Bank that the economy is on track for both full employment and a gradual return to the inflation target.”