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New Zealand’s Q4 labour market report was more positive than suggested by the slight uptick in the unemployment rate.
1. New Zealand’s unemployment rate rose +0.1ppts to 5.4% in Q4 2025. This was slightly higher than the RBNZ’s November MPS forecast.
2. Job ads have been pointing to some stabilisation, or even improvement, in New Zealand’s labour market conditions and that’s what we expect in the near-term.
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