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Data from Stats NZ. Forecasts by Sigmanomics Forecast Engine.
New ZealandNew Zealand Employment Change QoQ climbed to 0.5% in Q2 2026
Stats NZMonthlyReleased August 2026
New Zealand Employment Change QoQ climbed to 0.5% in Q2 2026, released August 2026, up 0.3% from March's 0.2% reading. The print exceeded the 0.2% consensus by 0.3%. The print is running well above the 12-month average of 0.13%. Employment Change QoQ is now the highest in 33 months.
Latest Release
0.5
Actual
0.2
Consensus
0.2
Previous
Median Absolute Error
±0.2 percentage points
across last 12 releases
Last Call
Aug 2026
Predicted: 0.2
Actual: 0.5
Error: -0.3
Sigmacast Σ-direction model: consensus + ½ × mean(surprise, trailing 90d).
CORRELATED SYMBOLS— markets that historically move with this indicator
| Symbol | Direction | Correlation | Asset Class | Co-movement | Action |
|---|---|---|---|---|---|
| NZD/USD | ▲ Direct | +0.55 | FOREX | Moves with | → View |
| NZD/JPY | ▲ Direct | +0.45 | FOREX | Moves with | → View |
| AUD/NZD | ▼ Inverse | −0.40 | FOREX | Moves against | → View |
| EUR/NZD | ▼ Inverse | −0.35 | FOREX | Moves against | → View |
| XAU/USD | ▲ Direct | +0.30 | COMMODITIES | Moves with | → View |
Correlation based on 12-month rolling window. Click any symbol to view its Sigmanomics forecast page.
THE RELEASE
Employment Change QoQ (New Zealand) was reported at 0.5% in August 2026. This beat the market consensus of 0.2% by 0.3%. The reading rose from the previous value of 0.2%. Trailing 12-month context per ETL data through August 2026. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The trailing three releases averaged 0.33%, up from the prior three at -0.03%. In August readings over the past 3 years, Employment Change QoQ has averaged 0.27%.
THE MODEL'S TAKE
Historically, this indicator is positively correlated with NZD/USD (Bullish NZD). A secondary relationship exists with NZD/JPY, positively correlated (Bullish NZD). Over the last 12 releases, the Sigmacast model's median absolute error is 0.2%.
WHAT TO WATCH NEXT
Same-country events in the next 14 days include Retail Sales MoM (Sep 14) and Current Account (Sep 15).
Auto-generated from current model state · Refreshes on each release · Last update August 2026.
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Employment Change QoQ - NZ
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About Employment Change QoQ — New Zealand
DEFINITION
Employment Change QoQ (Quarter-over-Quarter) is a financial indicator that measures the percentage change in the number of employed individuals in a given quarter compared to the previous quarter. It provides valuable insights into the current state of the job market and the overall health of the economy. A positive change indicates an increase in employment, while a negative change suggests a decrease. This indicator is closely monitored by investors, policymakers, and analysts as it can impact consumer spending, business growth, and overall economic performance.
WHY THIS INDICATOR MATTERS
This release contributes to the broader macro picture used by cross-asset investors for positioning and risk management. Surprises against consensus can drive short-term moves, particularly when the print breaks an established trend. Released monthly.
WHAT CHANGED THIS MONTH
Latest reading (Apr 2026): actual 0.5 %, consensus 0.2 %. Prior reading (Jan 2026): 0.2 %. Before that (Oct 2025): 0.5 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a materially higher reading versus the latest print, with the 3-month outlook reinforcing that direction. Both horizons are aligned bullish for this indicator, suggesting a consistent trend signal. Trend-driven dynamics are the primary tailwind in the current projection. This indicator correlates most strongly with NZD/USD (Bullish NZD, r=0.55) — a useful reference for forex-focused traders.
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EXPECTED ZONE
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Economic Calendar - NZ Events
| Sunday, September 13, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
|---|---|---|---|---|---|---|---|
| 22:30 | NZ | Services NZ PSI | 51.2 | 50.6 | 50.5 | 50.85 | Low |
| 22:30 | NZ | Composite NZ PCI | 52.5 | 52.5 | 52.3 | 52.40 | Low |
| 22:45 | NZ | Visitor Arrivals YoY | 8.5 | 8.1 | 4 | 6.25 | Low |
| Monday, September 14, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 22:45 | NZ | Electronic Retail Card Spending YoY | 3.4 | 3 | 3.00 | Low | |
| 22:45 | NZ | Electronic Retail Card Spending MoM | 1.3 | -0.7 | -0.70 | Low | |
| Tuesday, September 15, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 02:35 | NZ | 3-Month Bill Auction | 2.878 | 2.809 | 2.81 | Low | |
| 21:00 | NZ | Westpac Consumer Confidence | 80.4 | 82.3 | 76.05 | Low | |
| 22:45 | NZ | Current Account | -1.01 | -2.65 | -2.64 | Medium | |
| 22:45 | NZ | Current Account | -1.01 | -7.5 | -7.49 | Medium | |
| Wednesday, September 16, 2026 | Actual | Previous | Consensus | Sigmanomics Rolling-Surprise Forecast | Impact | ||
| 22:45 | NZ | GDP Growth Rate YoY | 1.5 | 2.3 | 2.30 | Medium | |
| 22:45 | NZ | GDP Growth Rate QoQ | 0.8 | 0.1 | 0.10 | Medium | |