NZ unemployment rate steady at 3.3% in third quarter, wage inflation hot

Of 971,200 people who do not want a job, 580,200 are retired and 127,800 are studying, according to Stats NZ data. (Image: Unsplash)

Rebecca Howard

Wed, 02 Nov 2022

The tight labour market and record-high wage inflation will keep the Reserve Bank of New Zealand on its tightening track. Unemployment held steady at 3.3% in the September quarter, unchanged from the June quarter. Wage pressure, however, is running hot and job security is on the rise.Annual wage inflation – as measured by the labour cost index – rose 3.7% on the year, with private sector wages up 3.9% and public sector wages up 3.1%.The September quarter saw the second-highest increase in the labour cost index since...

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