MNI BRIEF: NZ Unemployment Hits 5.2% In Q2

New Zealand’s Q2 unemployment rate rose 10 basis points to 5.2%, matching the Reserve Bank’s forecast but slightly below market expectations, according to data released by Stats NZ.

The employment rate fell to 66.8% from 67.1%, while the underutilisation rate increased to 12.8% from 12.4%. All salary and wage rates, including overtime, rose 2.4% over the quarter.

The Reserve's Monetary Policy Committee next meets on Aug 20. The committee held the cash rate at 3.25% in July. (See MNI RBNZ WATCH: MPC Holds, Eyes August Cut)