NZ Q3 Employment Data Release

The NZ Employment numbers for Q3 have just been released.

They came in better than expected overall.

NZ Employment data for Q3 was:

- Employment (Q/Q) 1.4% (consensus +0.5%)
- Employment (Y/Y) 6.1% (consensus +5.4%)
- Unemployment Rate 4.9% (consensus 5.1%)
- Participation Rate 70.1% (consensus 69.7%)

Private ordinary time wages grew +0.4% in Q3 and +1.6% on the year.

Q2 unemployment rate was revised lower to 5.0% from 5.1%.

Last quarter, Statistics NZ stated new methodology overstates job growth, so we may be seeing this impacting on this quarter’s data.

NZ Inflation Expectation figures will be released at 3:00pm. The RBNZ pays particularly close attention to these figures in formulating interest rate policy.

The NZD jumped higher in immediate response.

Current indicative levels are:

NZD-USD 0.7200 / 0.7225
NZD-AUD 0.9410 / 0.9435
NZD-EUR 0.6510 / 0.6535
NZD-GBP 0.5875 / 0.5900
NZD-JPY 74.90 / 75.15

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With offices in Australasia, Europe, the US and the UK we manage over $20 billion on behalf of over 112,000 clients in 117 countries every year. As part of leading global payments provider Euronet Worldwide Inc, HiFX is uniquely positioned as a world leader in international payments and foreign exchange risk management services and has connections to many of the world’s leading banks and institutions.

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