The unemployment rate rose to 5.7% in the September quarter, against expectations for a small decline. Spare capacity in the labour market is keeping wage pressures subdued. Unemployment rate: 5.7% (prev: 5.6%, Westpac: 5.5%, RBNZ: 5.5%, mkt: 5.5%) Employment change: -0.1% (prev: +0.3%, Westpac: +0.5%, RBNZ: +0.3%, mkt: +0.4%) Participation rate: 70.4% (prev: 70.6%, Westpac: 70.8%, RBNZ: 70.6%, mkt: 70.7%) Labour costs (private sector): +0.5% (prev: +0.7%, Westpac: +0.5%, RBNZ: +0.4%, mkt: +0.5%) The September quarter surveys pointed to ongoing softness in New Zealand’s labour market. The unemployment rate rose from 5.6% to 5.7%, continuing an almost five-year run of increases.
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