New Zealand Economists See Jobs Market Past Peak as Rates Rise [Business News Network (BNN) (Canada)]
NATL AUSTRALIA BK S/ADR (NABZY)
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Source: Business News Network
Bank of New Zealand expects unemployment to climb to 3.4% in the fourth quarter -- versus 2.9% previously -- and 3.9% by the second quarter of next year. Westpac Banking Corp. has the same forecast for the fourth quarter, though it only sees the jobless rate at 3.6% by the second quarter of 2023. A report last week showed the jobless rate rose to 3.3% in the three months through June, wrongfooting economists who expected it to fall to a fresh record of 3.1% The cooling comes as the RBNZ has tightened policy by 2.25 percentage points since October and is expected to hike the Official Cash Rate by another half-point next week, taking it to a seven-year high of 3%. The upward revisions by BNZ and Westpac bring them closer to the central bank's forecasts. It projected in May that the jobless rate would climb to 3.5% by the end of 2022 and 4% by the middle of next year. The RBNZ's updated outlook will be released with the rate decision on Aug. 17. While unemployment has likely passe
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