New Zealand's unemployment rate remained at its lowest level in the third quarter, adding to pressure for the central bank to continue raising interest rates amid stronger wage growth.
Looking at data released by Statistics New Zealand during the Asian session, the unemployment rate stood at 3.3%, unchanged from the figure recorded in the second quarter but missing expectations for a drop to 3.2%.
Meanwhile, employment growth saw an increase of 1.3% from the previous quarter which was recorded at zero, far exceeding market expectations for an increase of just 0.5%.
Meanwhile, wage growth hit the highest level since the survey began in 1993, with seasonally adjusted private sector wages rising 3.8% in the third quarter.
Today's report showed a jump in labor force participation while the number of people not working or looking for work declined, reflecting strong demand for workers.
Analysts see this strengthening further increasing the challenge facing the Reserve Bank of New Zealand (RBNZ) to control inflation, forcing it to continue raising interest rates.
New Zealand inflation was at 7.2% in the third quarter, well above the central bank's target of 1-3% over the medium term.
