FX.co ★ New Zealand Q1 2026 Employment Growth Cools to 0.2% QoQ

New Zealand’s labour market showed signs of cooling in the first quarter of 2026, with employment increasing by 0.2% quarter-over-quarter, down from 0.5% in the previous period. The latest figure, updated on 5 May 2026, reflects a moderation in hiring momentum compared with the final quarter of 2025.

The previous reading, for the fourth quarter of 2025, had shown a 0.5% quarter-over-quarter increase in employment, measured against the third quarter of 2025. In contrast, the first-quarter 2026 result represents a slower pace of job creation when compared with the immediately preceding quarter’s performance.

According to the comparison framework, the “actual” figure captures the change in employment from the fourth quarter of 2025 to the first quarter of 2026, while the “previous” figure measured the change from the third to the fourth quarter of 2025. The softening from 0.5% to 0.2% suggests a deceleration in labour market growth as 2026 begins, which investors and policymakers will monitor closely for signals on broader economic momentum.