Macro EconomyMedium•3 November 2026•
1 min read
New Zealand Q3 Unemployment Rises to 5.7%, Exceeding Forecasts
Key Facts
1New Zealand's unemployment rate rose to 5.7% in Q3, exceeding the 5.5% forecast by analysts.
2Employment declined by 0.1% quarter-on-quarter, missing expectations for a 0.4% gain.
3Wage pressures eased as private sector wages rose 2.0% annually, slightly below forecasts.
New Zealand's unemployment rate rose to 5.7% in the third quarter of 2026, exceeding the 5.5% forecast by analysts. investinglive.com reported that employment declined by 0.1% quarter-on-quarter, missing market expectations for a 0.4% gain, while private sector wage growth slowed to 2.0% annually.
The labor market weakness follows the RBNZ interest rate decision on October 28, 2026, where the central bank held rates at 2.75% despite market pricing for a hike. ANZGY closed at $28.44 on November 2, 2026, as the data suggests hiring remains subdued, evidenced by the labor force participation rate falling to 70.4% from 70.6% in the previous period.