FX.co ★ New Zealand Jobless Rate Steady At 3.4% In Q1

The unemployment rate in New Zealand came in at a seasonally adjusted 3.4 percent in the first quarter of 2023, Statistics New Zealand said on Wednesday - unchanged from the previous three months and below expectations for 3.5 percent.

The New Zealand economy added 0.8 percent on quarter, beating forecasts for an increase of 0.4 percent and accelerating from 0.2 percent in the three months prior.

The labor cost index was up 0.9 percent on quarter and 4.5 percent on year after rising 1.1 percent on quarter and 4.3 percent on year in the previous quarter.

The participation rate was 72.0 percent, exceeding expectations for 71.7 percent, which would have been unchanged.