NEW ZEALAND UNEMPLOYMENT RISES TO 5.7%, HIGHEST SINCE 2015

New Zealand’s unemployment rate increased to 5.7% in Q3, its highest level since 2015, exceeding both the 5.5% market consensus and the Reserve Bank of New Zealand’s forecast. Employment fell 0.1% quarter-on-quarter, with around 5,000 fewer people employed, while the employment rate declined to 66.4%. Full-time employment dropped by 17,000, partly offset by a 15,000 increase in part-time jobs, and actual hours worked fell 1.6%. Meanwhile, annual wage growth in the Labour Cost Index excluding overtime slowed to 2.0%, while the underutilisation rate reached 13.8%. The RBNZ kept its Official Cash Rate unchanged at 2.75% last week.

4 Nov 20261 min read

Daily Market Update November 4, 2026

NEW ZEALAND UNEMPLOYMENT RISES TO 5.7%, HIGHEST SINCE 2015

New Zealand’s unemployment rate rose to 5.7% in Q3 from 5.6%, reaching its highest level since 2015, according to ActionForex. The reading was above both the 5.5% market consensus and the RBNZ’s 5.5% forecast.

Employment declined 0.1% quarter-on-quarter, compared with expectations for a 0.4% increase. The number of employed people fell by around 5,000 to 2.891 million, while the employment rate declined from 66.7% to 66.4%. Labour force participation was 70.4%, below the 70.7% consensus.

Employment composition also shifted during the quarter. According to ActionForex, full-time employment fell by 17,000, partly offset by an increase of 15,000 in part-time employment. Actual hours worked declined 1.6% quarter-on-quarter, while usual hours worked fell 0.5%. The underutilisation rate stood at 13.8%, representing around 438,000 people.

Private-sector wage growth also slowed. The Labour Cost Index excluding overtime rose 0.4% quarter-on-quarter, down from 0.7% previously and below expectations of 0.5%. Annual growth eased from 2.1% to 2.0%. According to ActionForex, all-sector LCI growth rose to 2.1% year-on-year from 2.0%, while average ordinary hourly earnings growth increased to 2.9% from 2.8%.

The RBNZ kept its Official Cash Rate at 2.75% last week, according to ActionForex.

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