MNI BRIEF: NZ Unemployment Holds At 5.1% In Q1

New Zealand’s unemployment rate held steady at 5.1% over Q1, 10 basis points lower than expected, Stats NZ data showed Wednesday. 

The underutilisation rate was 12.3%, compared with 12.1%, while the employment rate was 67.2%, down from Q4’s 67.3%. 

The Reserve Bank of New Zealand had expected unemployment to reach 5.2% in Q1 before tightening to 4.9% by the December quarter. (See MNI RBNZ WATCH: MPC Notes Growth Concerns, Cuts 25bp To 3.5%)