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New Zealand unemployment rose in the second quarter while wage inflation showed signs of slowing.
The jobless rate climbed to 3.6 per cent from 3.4 per cent in the first quarter, Statistics New Zealand said on Wednesday. Economists expected 3.5 per cent. Employment gained 1 per cent from the previous three months, beating estimates, while annual wage inflation eased to 4.3 per cent. The tight labour market has been fuelling price pressures as employers lift pay rates to retain workers and attract new hires. The Reserve Bank has signalled it has raised interest rates sufficiently to tame inflation and the economy has stalled, suggesting employment should start to weaken and the jobless rate should continue to rise.
The New Zealand dollar fell after the data to buy US61.43¢ at 10:48am AEST in Wellington, from US61.7¢ beforehand. Ordinary time wages for non-government workers rose 4.3 per cent from a year earlier, slowing from 4.5 per cent, which was the highest since the data was first published in 1993, the statistics agency said. The measure rose 1.1 per cent from the previous quarter.
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