New Zealand jobs report for Q1 2023: Unemployment rate 3.4% (3.5% expected, 3.4% prior)

Earlier from NZ we had the RBNZ Financial Stability Report:

• RBNZ Governor Orr says NZ financeial system is well placed to handle higher interest rates

There was little to alarm in that. And now we get employment report beats. Put these two together and, at the margin, the hurdles to further RBNZ rate hikes are lower.

• Jobs added: beat
• Unemployment rate: beat
• Wage growth: miss (which the RBNZ will like)

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