Kiwi remains heavy below 0.6400 after New Zealand Jobless Rate ticks higher to 4.2% in Q3
|- New Zealand jobs data comes in mixed and the Kiwi keeps the range.
- The unemployment rate misses expectations, higher by 4.2% vs 4.1% expected.
According to the latest data released by Statistics New Zealand, New Zealand’s (NZ) Unemployment Rate arrived at 4.2% in Q3 vs. 4.1% expectations and 3.9% last. Meanwhile, the Employment Change came in at 0.2% vs. 0.3% expected and 0.8% previous.
Additionally, Labor Cost Index (YoY) matched 2.3% consensus while Participation Rate surpassed 70.3% expectations, coming in at 70.4%.
Further Details:
Average hourly earnings: +0.6% vs. expected 1.0%, 1.1% prior.
Private wages including overtime: +0.6% vs. expected 0.6%, 0.8% last.
Private wages excluding overtime: +0.6% vs. expected 0.6%, 0.8% previous.
The Kiwi dollar was left unimpressed by the mixed NZ Q3 jobs data, leaving the NZD/USD pair in the red below the 0.64 handle. The spot is currently extending the recent downside, printing fresh session lows near 0.6370 region, losing -0.45% on the day.
About the Employment Change
The Employment Change released by the Statistics New Zealand is a measure of the change in the number of employed people in New Zealand. Generally speaking, a rise in this indicator has positive implications for consumer spending which stimulates economic growth. A high reading is seen as positive (or bullish) for the NZ dollar, while a low reading is seen as negative (or bearish).
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