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2026-11-04 05:48:25
New Zealand's unemployment rate rose to 5.7% in the third quarter, higher than the market expectation of 5.50% and also higher than the previous value of 5.60%. The quarterly employment rate in New Zealand was -0.1% in the third quarter, far below the market expectation of 0.4%, and the previous value was revised from 0.50% to 0.40%. The labor force participation rate was 70.4%, lower than the expected and previous values of 70.70%. The labor cost index rose 0.4% quarter-on-quarter in the third quarter, lower than the expected 0.5% and a decline from the previous value of 0.70%; the annual rate was 2%, lower than the expected and previous values of 2.1%. Overall, New Zealand's labor market performance in the third quarter was weaker than market expectations across the board, with a contraction in employment, a decline in labor force participation, and a slowdown in the pace of labor cost increases, indicating that the country's labor market is cooling down.
