MNI BRIEF: New Zealand Unemployment 5.3% In Q3

New Zealand’s unemployment rate rose 10 basis points to 5.3% in the third quarter, in line with expectations, Stats NZ data showed Wednesday.

The underutilisation rate edged up to 12.9% from 12.8%, while the employment rate eased to 66.6% from 66.8%.

All salary and wage rates, including overtime, increased 2.1% on quarter. Average weekly earnings for full-time equivalent employees rose to NZD1,688 from NZD1,621, while average ordinary-time hourly earnings climbed to NZD43.60 from NZD41.98.

The Reserve Bank of New Zealand expects unemployment to reach 5.2% by December. (See MNI: RBNZ's Easing Likely Over With Next 25bp Cut - Fmr Staff)