New Zealand's jobless rate edged lower in the first quarter, taking it clos...
WELLINGTON - New Zealand’s jobless rate edged lower in the first quarter, taking it close to the decade-low reached last year, but sluggish wage growth and a drop in employment indicated a softer growth outlook, sending the currency sliding.
The RBNZ, which has a policy meeting on May 8, in March indicated its next move was more likely to be a cut in the OCR than a hike. The number of jobs dropped 0.2 percent, in contrast to the poll’s forecast of a 0.5 percent increase. This reflected a fall in the number of people employed and a rise in the working-age population, Stats NZ said.
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