Official employment data hits once a quarter from NZ. Q3 was a good report, here is Q4:

Unemployment rate 4.3% - a substantial miss

  • expected 4.1%, prior was 3.9%

Employment change0.1 % q/q - miss

  • expected 0.3%, prior was 1.1%

Employment change 2.3% y/y - miss

  • expected 2.6%, prior was 2.8%

Participation rate 70.9

  • expected 71.1%, prior was 71.1%

Average hourly earnings 1.0% beat

  • expected 0.8%, prior was 1.4%

Private wages including overtime 0.5%

  • expected 0.6%, prior was 0.5%

Private wages excluding overtime 0.5%

  • expected 0.6%, prior was 0.5%

NZD marked down immediately. I'll follow up separately