New Zealand's jobless rate climbed to 5.7% in the third quarter, marking its highest level since 2015, according to data released by Statistics New Zealand and reported by Reuters. The figures, published on Wednesday, also showed that employment declined 0.1% from the prior quarter. The outcome exceeded expectations, as economists surveyed by Reuters had projected an unemployment rate of 5.5% and employment growth of 0.4%. The central bank had likewise anticipated a 5.5% jobless rate . The participation rate stood at 70.4% in the third quarter, slightly below a forecast of 70.7%. Wage growth moderated during the period. The private sector labour cost index excluding overtime rose 0.4% on the quarter and 2.0% on the year.
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