Kiwi rises greatly as New Zealand jobless rate shows fall to a 9-year low

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The third quarter unemployment data was released by the Statistics New Zealand last week.

Data showed that the unemployment rate in the nation fell more than expected during the three months ending September.

On a seasonally adjusted basis, New Zealand’s unemployment rate fell to 4.6% in the quarter compared to 4.8% in the previous quarter.

Economists were expecting the unemployment rate to fall to 4.7%.

New Zealand Q3 Unemployment Rate: 4.6% (Source: Tradingeconomics)

Statistics New Zealand said that this was the lowest unemployment rate in New Zealand since 2008 which mark the start of the global financial crisis.

New Zealand’s labor force participation increased to 71.1% in the quarter ending September while the employment rate rose to 67.8% up from 66.7% previously.

This marked a large improvement in both the employment as well as the labor force participation rate.

The official data showed that the spare capacity was steady at 11.8% during the quarter and was down from 12.3% compared to the same period the year before.

The labor cost index or LCI was seen rising 1.9% in September for the year.

Following the release of the data, the Kiwi dollar managed to rise half a cent against the U.S. dollar.

The kiwi came under pressure after the newly formed Labor government suggested plans to overhaul the RBNZ’s policies and mandate.