New Zealand Q2 Employment Beats Estimates, Unemployment Rate Rises to 5.6%
New Zealand's employment rose 0.5% q/q in Q2, surpassing the 0.1% forecast, but the unemployment rate climbed to 5.6%, above the 5.4% expectation, as participation increased to 70.7%.
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New Zealand's labor market showed mixed signals in the second quarter. Employment increased by 0.5% quarter-on-quarter, well above the consensus estimate of 0.1%, and was up 1.2% compared to the same period last year, exceeding the 0.7% forecast.
However, the unemployment rate rose to 5.6% from 5.4% expected. The participation rate also climbed to 70.7%, indicating more people entered the workforce.
Source: First Squawk