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2026-11-04 06:40:27
[New Zealand's Unemployment Rate Rises to Highest Level Since Mid-2015; Weak Economic Signals Ahead of Election] 1. New Zealand's unemployment rate rose to 5.7% in the third quarter, up from 5.6% in the second quarter, marking the highest level since mid-2015. Economists had previously predicted a drop to 5.5%, but the actual increase suggests the central bank's recent caution regarding further interest rate hikes is justified. 2. Detailed data shows that part-time employment increased by 15,000 in the third quarter, while full-time employment decreased by 17,000; the underutilization rate remained at 13.8%, and the employment rate fell from 66.7% to 66.4%. 3. This data release comes as New Zealand holds a closely contested election on Saturday. Days earlier, the Reserve Bank of New Zealand voted 4-3 to keep the official overnight cash rate unchanged at 2.75%, although money market traders considered a rate hike almost inevitable. Reserve Bank Governor Anna Brehman hinted at possible further rate increases in the future.
