December quarter jobs data will keep RBNZ on track to cut by 50bps

(Image: Getty)

Mon, 03 Feb 2025

The unemployment rate likely rose in the December quarter, keeping the Reserve Bank of New Zealand on track to cut by another 50 basis points this month. “We expect a further rise in the unemployment rate from 4.8% to 5.0% in the December quarter, reflecting the economy’s continued slowdown through 2024,” Westpac senior economist Michael Gordon said. The Reserve Bank of NZ’s (RBNZ) latest forecasts – published last November – were for a 5.1% rise. At the time, it cut the official cash rate (OC...

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