NZ unemployment rate slightly higher in December

Unemployment grew slightly at the end of last year (Image: Getty)

Wed, 01 Feb 2023

Wage inflation remains acute, but a slight increase in the unemployment rate and signs of some spare labour capacity should cement expectations the central bank will lift rates by 50 basis points this month as opposed to 75bp. Unemployment was 3.4% in the December quarter, compared with 3.3% in the September quarter. Economists had expected it to be 3.2% or 3.3%, while the central bank had tipped a rate of 3.2%. While the difference is minor, the Reserve Bank of New Zealand will likely take heart from the fact that the num...

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