Key facts
- Statistics New Zealand said the unemployment rate rose to 5.7% in the third quarter from 5.6% in the previous quarter.
- Statistics New Zealand said employment fell 0.1% from the previous quarter.
- The participation rate fell to 70.4% from 70.6%, according to an InvestingLive report.
- Private sector wages excluding overtime rose 0.4% in the quarter and 2.0% from a year earlier, according to the InvestingLive report.
- The Reserve Bank of New Zealand held the official cash rate at 2.75% on October 28 in a 4:3 vote, according to the InvestingLive report.
New Zealand's unemployment rate rose to 5.7% in the third quarter from 5.6% in the previous quarter, Statistics New Zealand said in a release dated Wednesday, November 4, 2026, according to Reuters. Employment fell 0.1% from the previous quarter.
An attached report by InvestingLive said the 5.7% jobless rate exceeded the 5.5% forecast in a Reuters poll, and that employment fell against expectations of a 0.4% gain. The participation rate dropped to 70.4% from 70.6%, against a forecast of 70.7%, the report said. Second-quarter employment growth was revised down to 0.3% from 0.5%, it said.
Private sector wages excluding overtime rose 0.4% in the quarter, below the 0.5% expected, taking annual growth to 2.0% from 2.1%, according to the InvestingLive report. Westpac had expected the jobless rate to ease to 5.5%, while ANZ had forecast no change at 5.6%, the report said.
The data follow the Reserve Bank of New Zealand's decision on October 28 to hold the official cash rate at 2.75% in a 4:3 vote, the report said. Westpac described the release as the first key input before the RBNZ's next decision on December 9, according to the report. New Zealand holds a general election on Saturday, the report said.