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New Zealand Jobs Shift: 22,000 Lost, Rate Cut Looms

5/7/2025

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Summary

Story summary

New Zealand's unemployment rate held firm at 5.1%, even as 2,000 new jobs emerged in the first quarter. However, the nation faced a troubling trend with 22,000 jobs lost over the past year, shifting from full-time to part-time roles. With wage growth slowing to 2.9%, the stage is set for a possible Reserve Bank rate cut soon.

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Story summary

New Zealand's unemployment rate held firm at 5.1%, even as 2,000 new jobs emerged in the first quarter. However, the nation faced a troubling trend with 22,000 jobs lost over the past year, shifting from full-time to part-time roles. With wage growth slowing to 2.9%, the stage is set for a possible Reserve Bank rate cut soon.