Economic Buzz: New Zealand Unemployment Rate At 3.3% In Q3

2 Nov 2022 , 12:39 PM

The jobless rate in New Zealand came in at a seasonally adjusted 3.3 percent in the third quarter of 2022, Statistics New Zealand said on Wednesday – unchanged from the previous quarter, but missing expectations for 3.2 percent. The employment change was 1.3 percent on quarter, exceeding forecasts for an increase of 0.5 percent following the flat reading in the three months prior. The participation rate jumped to 71.7 percent, beating forecasts for 71.0 percent and up from 70.8 percent in the second quarter. Labor costs rose 3.7 percent on year, accelerating from 3.4 percent in the previous quarter.Powered by Commodity Insights