A poor report, the New Zealand economy struggled under high rates set by the Reserve Bank of New Zealand to combat inflation. The Bank has begun its interest rate cut cycle but it'll take some time for that to work through the economy and into employment figures.
This report:
- employment change fell more than expected
- the unemployment rate rose, but not by as much as expected .... but the participation rate fell so that'll take some of the gloss, if there is any, off the jobless rate
Bright news. If there is any it'll be that labour costs rose less than expected.
