What is in the New Zealand labour market release
The headline figures come from the Household Labour Force Survey: the unemployment rate, the number of people employed, the employment rate and the participation rate. Stats NZ counts someone as unemployed when they have no paid job, are available for work, and have looked for work in the past four weeks or have a job to start within four weeks.
The same release holds the Labour Cost Index, which tracks salary and wage rates, and the Quarterly Employment Survey, which reports earnings and paid hours. Stats NZ also publishes the underutilisation rate, which it calls a broad measure of spare capacity in the labour market.
Why the New Zealand labour market moves the Kiwi
Since December 2023 the RBNZ's remit focuses on low and stable inflation, after maximum sustainable employment was removed from it. The jobs data still matter, because a tight labour market pushes up wages and, in time, the prices of services.
A falling unemployment rate and faster wage growth make a higher OCR more likely, which tends to lift the Kiwi. Rising unemployment points to spare capacity and a lower OCR.
Between the quarterly reports, Stats NZ publishes monthly employment indicators. They give a partial read, and the quarterly report remains the main event.
How to read the jobs report against the forecast
Start with the unemployment rate against the forecast, then look at employment and participation next to it. Unemployment can rise because more people start looking for work, which is a different story from people losing jobs.
Then look at wages. Wage growth in the labour cost index shows how fast pay rates are rising, and that is the link from jobs to inflation.
The previous quarter is often revised, because the seasonally adjusted series is estimated again each time. Compare the new figure with the revised one, not with the one first published.
What the New Zealand dollar did on the last release days
Our calendar keeps the exact time of each release since 16 September 2026. The first New Zealand labour market after that date will show here with the New Zealand dollar's move around it.
For scale: on an ordinary day the New Zealand dollar moves 0.20% against the basket from one London opening to the next, either way, on average over the 250 trading days since 14 Oct 2025.
The forecast, the figure itself and what it changed in our view of the currency are in the app, next to the research.