New Zealand Dollar: Labor market soft, RBNZ hike eyed – TD Securities
TD Securities’ Australia/NZ macro team sees New Zealand Employment growth at 0.1% q/q in Q2, insufficient to match population gains. They expect the Unemployment Rate to rise to 5.4%, returning to its recent cycle high and aligning with the RBNZ’s May forecast.
New Zealand's labor market slowed in the second quarter, falling short of population growth. Employment increased by just 0.1% quarter-over-quarter, according to TD Securities' macro team in Australia and New Zealand. The unemployment rate is projected to rise to 5.4%, matching the Reserve Bank of New Zealand's (RBNZ) May forecast. The RBNZ may raise interest rates by another 25 basis points in September, as economic activity rebounds into Q3.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
