NZ Employment Report

The NZ Employment numbers for Q3 have just been released.

They came in well ahead when compared with expectations:

NZ Employment data for Q3 was:

- Employment (Q/Q) 1.1% (consensus 0.5%)
- Employment (Y/Y) 1.9% (consensus 2.0%)
- Unemployment Rate 3.9% (consensus 4.4%)
- Participation Rate 71.1 % (consensus 70.9%)

Private ordinary time wages grew +0.5% in Q3 and + 1.9% on the year

The RBNZ Official Cash Rate (OCR) rate decision will be released tomorrow. The OCR is widely expected to remain at 1.75%.

The NZD is sharply higher/ in immediate response.

Current indicative levels are:

NZD-USD 0.6715 / 0.6745
NZD-AUD 0.9280 / 0.9320
NZD-EUR 0.5880 / 0.5920
NZD-GBP 0.5115 / 0.5145
NZD-JPY 76.20 / 76.50

Please call for further information or pricing.

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