New Zealand unemployment rate
- Prior was 3.9%
- Job growth +0.4% vs +0.3% expected
- Participation rate 71.9% vs 72.0% expected
- Labour cost index +1.0% q/q vs +0.8% expected
- Labour cost index +3.9% y/y vs 3.8% expected
NZD/USD was trading at 0.6077 just ahead of the data. A cut is 90% priced in for the July 10 meeting.
NZD/USD jumped to 0.6090 after the release. It's the highest unemployment rate since Q2 2021 but it's better than anticipated, even when the fall in participation is factored in. Additionally, the wage numbers are on the hot side.
