Unemployment jumped to 4.2 per cent at the end of September, Statistics NZ has reported. Statistics senior manager Paul Pascoe played down the significant of the increase in the headline unemployment rate. "While the unemployment rate has returned to the level seen in the March 2019 quarter, it has largely been tracking down since late 2012," he said. ASB said unemployment was still "low" and the data remained consistent with "a broader pick-up in wage growth". ASB and ANZ continue to expect the Reserve Bank to cut the Official Cash Rate (OCR) to 0.75 per cent on November 13.

Source: Stuff November 05, 2019 21:55 UTC