Economists still expect 50bps rate cut after jobs data

3Q unemployment came in slightly better than expected. (Image: Getty)

Wed, 06 Nov 2024

The unemployment picture might be slightly better than expected, but economists are still forecasting another 50-basis point rate cut this month. Unemployment rose to 4.8% in the September quarter, slightly below the 5.0% forecast by the Reserve Bank of New Zealand (RBNZ).ASB Bank senior economist Mark Smith said the data was a “mixed bag”. “It could have been much higher (in the region of 5.3%) if it were not for sharply falling labour force participation, hardly a sign of labour market strength and suggesting poten...

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