|

New Zealand Unemployment Rate ticks higher, mixes with positive Employment figures

New Zealand's Unemployment Rate ticked higher to 4.5%, missing expectations of a steady reading of 4.4%, while the Employment Change figure clocked in at 0.5%, beating the forecast 0.4% but still slipping back from the previous reading of 0.6%.

According to Stats New Zealand, "In the June 2018 quarter, the employment rate was 67.7 percent. This has remained unchanged for three consecutive quarters, and is the second-highest employment rate since the series began in 1986. The highest was in the September 2017 quarter, when it was 67.8 percent.

Annually, seasonally adjusted total employment was up 93,000 people to reach 2,631,000, an increase of 3.7 percent. Seasonally adjusted filled jobs, as measured by the quarterly employment survey (QES), increased 1.2 percent annually. This resulted in 23,100 more jobs, to reach a total of 1,953,800. The industries with the greatest growth in jobs over the June 2018 year were education and training; retail trade; and professional, scientific, technical, administrative, and support services.

The labour cost index (LCI) increased 1.9 percent in the year to the June 2018 quarter. The minimum wage increase by the Government of 75 cents to $16.50 on 1 April 2018 was the main contributor to higher wage rates for the quarter. However, the Care and Support Workers (Pay Equity) Settlement Act 2017 remains the key contributor for the year, most notably for private sector care workers.

Total underutilised was 344,000, up 6,000. Underemployed was 117,000, up 5,000. Unemployed was 124,000, up 4,000. Potential labour force was 103,000, down 3,000. From the potential labour force, there were 82,100 available potential jobseekers, down 3,200; and unavailable 21,000 jobseekers, up 1,000.  Average ordinary time hourly earnings from the QES increased 3.0 % to $31.00, annually. Annual wage inflation from the LCI increased 0.1 pp to 1.9 %, for all industries and occupations combined."

Author

Joshua Gibson

Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.

More from Joshua Gibson
Share:

Editor's Picks

AUD/USD consolidates above 0.7000; remains close to monthly top

AUD/USD holds steady above 0.7000 during the Asian session on Friday, trading just below the previous day's monthly low amid diverging forces. A hawkish RBA continues to support the Aussie, while the recent decline in US bond yields keeps the US Dollar depressed near a three-week low. However, oil-driven inflation fears reinforce Fed hike bets, which, along with geopolitical risks, could benefit the safe-haven buck and cap the currency pair.

USD/JPY bounces off one-month low; climbs to 157.00 amid reviving USD demand

USD/JPY rebounds from the 156.00 neighborhood, or a one-month low touched during Friday’s Asian session, with bulls looking to extend momentum beyond 157.00 amid the emergence of some US Dollar buying. Meanwhile, Japan's National CPI rose to a nine-month peak and reaffirmed BoJ rate-hike bets, which could support the Japanese Yen and cap gains for the currency pair.

Gold treads water around $4,000

Gold prices maintain its offered stance in place at the end of the week, hovering around the key $4,000 threshold per troy ounce. The persistent selling bias in the precious metal comes amid decent gains in the US Dollar and an acceptable rebound in US Treasury yields across the curve, all alongside further upside traction in crude oil prices.

Crypto Today: Bitcoin holds the 50-day EMA as Ethereum and XRP face structural resistance

Bitcoin gradually ticks up on Friday, trading above $81,000. The Crypto King has recently defended structural support near $80,000, reinforcing the prevailing bullish outlook. Ethereum similarly edges higher above $2,400, while Ripple trades above $1.32 after testing support around $1.30.

The French bond panic is overdone. Here's what the market is misreading 

France's 10-year government bond yield has climbed above 5%, reigniting fears of a sovereign debt crisis in the Eurozone. With public debt exceeding €3.5 trillion, persistent budget deficits and a fragmented political landscape, investors are increasingly questioning the French government's ability to stabilize its finances.

What November 3 means for the Fed's rate path and the US Dollar

The USD faces a decisive period ahead of the November 3 midterm elections. While markets anticipate another interest rate increase from the Fed in December, the battle for control of Congress could reshape fiscal policy expectations and, indirectly, the path of US monetary policy in 2027.