Tight labour market will make 75 basis point rate hike inevitable

The problem continues to be a lack of people to hire. (Image: Getty)

Wed, 02 Nov 2022

New Zealand’s unemployment rate is widely tipped to fall in the third quarter and will add to the view the Reserve Bank of NZ (RBNZ) is poised to lift rates by another 75 basis points this month. The second quarter unemployment rate would be 3.2% versus 3.3% in the June quarter, according to the median of 15 economists in a Bloomberg poll.The main issue continues to be a lack of people to hire. The borders are open but, in the 12 months that ended in August 2022, there was a provisional net migration loss of 11,000, according to...

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