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

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
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...

More Economy

Westpac adds another rate cut to its forecasts
Economy

Westpac adds another rate cut to its forecasts

Westpac Bank now expects the official cash rate (OCR) to trough at 3% and has pushed back the timing of its forecast tightening cycle.“Downside risks from global growth suggest the RBNZ [Reserve Bank of New Zealand] may continue easing beyond May,” chief economist Kelly Eckhold s...

Rebecca Howard 09 May 2025
Rams Logistics owed $3.2m to IRD
Economy

Rams Logistics owed $3.2m to IRD

About 50 employees are owed approximately $760,000, the liquidators said.

Gregor Thompson 08 May 2025
Paul Bloxham: NZ's growth to stem worker outflow to Australia
Economy

Paul Bloxham: NZ's growth to stem worker outflow to Australia

HSBC's chief economist says NZ will benefit from Chinese economic pivot.

Capital requirements review doesn't mean they are too high
Economy

Capital requirements review doesn't mean they are too high

The Reserve Bank of NZ is not committed to any one particular outcome. 

Rebecca Howard 07 May 2025