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NZ Unemployment Rate Jumps to 7.3% in 4Q

Nick Nasad \ 5:21 PM EST \ February 3rd, 2010
nnasad

The New Zealand unemployment rate surged in the 4th quarter, climbing to 7.3% from 6.5% in the 3rd quarter. That was the highest unemployment rate since the June 1999 quarter. While employment in the economy fell only slightly, with the number of people employed decreased by 2,000 or 0.1%, the reason for the big jump in the unemployment rate was a result of more people entering the labor force that were not able to find work.

The NZD/USD slid sharply following the release. The pair had been already moving in favor of the greenback following a test of resistance at 0.7150 prior to the release, and in the 30 minutes following the release the pair tested its support for the week near 0.70.

020310-nzd-usd-employment

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