New Zealand’s jobless rate rose to the highest in more than two years in the September quarter as employment slipped and wages grew by less than forecast, a soft report that cemented expectations of an end to interest rate hikes.
The local dollar fell 0.4% to $0.5805 as the market bet that rates had already peaked at 5.5% and the next move from the Reserve Bank of New Zealand (RBNZ) would be downward, albeit not until late 2024.
Data released by Statistics New Zealand on Wednesday showed unemployment climbed to 3.9% in the third quarter, up from 3.6% the previous quarter and the highest since mid-2021.
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