New Zealand’s labor market showed further signs of softening in the Q3, with total employment flat at 0.0% qoq, missing expectations for a small 0.1% qoq rise. On an annual basis, employment fell -0.6% yoy.
Unemployment rate ticked up from 5.2% to 5.3%, in line with forecasts, extending a full year of readings above 5%. The last time joblessness reached this level was in late 2016. Labor-force participation rate slipped 0.2 ppt to 70.3%, suggesting some workers are leaving the active job market.
Wage growth also cooled, with all-sector earnings up 0.4% qoq and 2.1% yoy, indicating reduced pressure on labor costs.
