New Zealand dollar is growing successfully in pair with its US counterpart, using outer stimuli. The current quotation is 0.7051. The unemployment rate in New Zealand in Q2 dropped to 4% against 4.6% previously. A decline had been, indeed, expected, but forecasts were conservative, suggesting a decline to 4.4%. By the way, unemployment in the country reached its peak in 2020, amounting to 5.3%. Since then, the indicator has been declining thanks to the number of vacancies growing, the number of those on dole shrinking, and a lot of employments lacking workforce.
The statistics presented today reflected serious growth of the number of employed citizens in Q2. The indicator grew by 1% against 0.7% forecast. Inflation of wages grew by 2.1% over the year that ended in Q2. Average hourly earnings increased by 4%.
These are really good results that confirm the stability of the economic system and make reduction of stimuli logical. Total economic activity in New Zealand is exceeding the pre-pandemic level. Most positively growing sectors are building and household spending.