New Zealand data
New Zealand’s labour market softened further in the September quarter, with unemployment up at 5.3%, matching expectations, as employment growth stalled and participation slipped.
Seasonally adjusted employment was flat on the quarter (0.0% q/q, poll +0.1%, -0.1% in Q2), while the participation rate edged down to 70.3% from 70.5%. The data point to a cooling jobs backdrop as slower economic growth weigh on hiring.
Wage pressures showed only modest momentum, slwoing from Q2:
- private-sector hourly earnings excluding overtime rose 0.5% q/q (poll +0.4%)
- and 2.1% y/y, in line with forecasts.
The results suggest the labour market remains softening but not collapsing, likely reinforcing expectations that the RBNZ will stay on policy easing path until clearer signs of better growth emerge.
