New Zealand has reported an unexpected drop in unemployment and a raise in wages. The news may rule out further central bank rate cuts and is starting talk that monetary tightening may come sooner than later. According to Statistics New Zealand, the seasonally adjusted jobless rate declined to 4.9 percent in the last quarter of 2020 from 5.3 percent in the third quarter of the same year.
Those numbers exceeded the economists’ forecast of 5.6 percent. The New Zealand dollar rose by a quarter of a cent on the latest report about jobs, as traders ruled out rate cuts by the Reserve Bank of New Zealand (RBNZ). If you are looking for a job opportunity, submit your resume to Jobs Across the World. You will be matched with an open position that matches your skillset. Contact them today!
A chief economist at Kiwibank said the RBNZ had tightened conditions by reinstating mortgage lending restrictions from March to slow the rampant housing market and have more curbs in sight. The fast response to the global pandemic allowed the economy to return to pre-pandemic normalcy.
The number of people infected and even deaths were much lower than other countries experienced. The government was concerned about job loss after the generous income subsidy scheme stopped, but it was reported last week that finances were in better shape than expected. Jobs Across the World will match your skillset with a job opening in some of the world’s top expat destinations. Submit your resume today!