Unemployment to hit 5%, bank economists say

Economic activity is catching up with the labour market, says ASB economist Mark Smith. (Images: NZME)

Mon, 04 Nov 2024

Most of New Zealand’s major bank economists expect unemployment to hit 5% when Statistics NZ releases its quarterly labour market statistics on Wednesday. Economists from Westpac and Bank of NZ (BNZ) expected unemployment to reach 5%, which aligns with the Reserve Bank of NZ’s (RBNZ) expectations. ASB's note forecasted the unemployment rate to reach 5.1%, the highest among major bank economists.Aside from the brief spike to 5.2% following the 2020 covid-19 lockdown, this would be the highest rate since 2016. ASB&r...

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