NZ Q4 labor market preview: Unemployment rate to rise to 5.6% – Westpac

Michael Gordon, Analyst at Westpac offers a sneak-peek into New Zealand’s Q4 labor market report scheduled for release next week.     

Key quotes

“We expect the unemployment rate to rise to 5.6% in the December quarter.”

“Unemployment benefits were broadly flat over the quarter, albeit at a higher level than in September.”

“We expect that unemployment will reach its peak soon, at a much lower level than was expected in the early days of the pandemic.”

“Nevertheless, the labor market is far from tight and wage growth has slowed.”

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