New Zealand’s Employment Change QoQ for November 2025 came in at 0.00%, missing the 0.10% estimate but improving from the -0.20% contraction last quarter, signaling a stabilization in the labor market. This zero growth reading marks a pause after recent volatility and suggests cautious equilibrium amid ongoing monetary tightening and external headwinds. Looking ahead, the Reserve Bank of New Zealand is likely to maintain its restrictive policy stance as the labor market adjusts, with risks balanced between global trade tensions and structural shifts in key sectors. Updated 11/5/25
Employment Change Qoq - NZ
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Listen to: New Zealand Employment Change QoQ
New Zealand Employment Change QoQ: November 2025 Analysis and Outlook
Key takeaways: New Zealand’s latest Employment Change QoQ held steady at 0.00%, marking a pause after recent volatility. This contrasts with the -0.20% contraction last quarter and aligns below the 12-month average of 0.10%. The labor market shows signs of stabilization amid tightening monetary policy and external headwinds. Risks include global trade tensions and domestic fiscal constraints, while structural shifts toward tech and services offer long-term growth potential.
The latest Employment Change QoQ for New Zealand, released on November 4, 2025, registered at 0.00%, according to the Sigmanomics database. This figure marks a stabilization following a -0.20% decline in the previous quarter and contrasts with the 12-month average growth rate of approximately 0.10%. The labor market’s pause suggests a cautious equilibrium amid ongoing macroeconomic pressures.
Drivers this month
Services sector employment remained flat, reflecting steady demand.
Manufacturing jobs saw a slight decline, offset by gains in construction.
Seasonal adjustments in agriculture contributed marginally to zero net change.
Policy pulse
Employment growth remains subdued relative to the Reserve Bank of New Zealand’s (RBNZ) inflation target zone. The zero growth reading signals labor market cooling consistent with the RBNZ’s recent interest rate hikes aimed at curbing inflationary pressures.
Market lens
Immediate reaction: NZD/USD dipped 0.15% within the first hour post-release, reflecting cautious sentiment. Short-term government bond yields edged lower, while the S&P/NZX 50 index showed muted response.
Employment trends are a core macroeconomic indicator, closely tied to GDP growth, inflation, and consumer spending. New Zealand’s labor market has shown oscillations over the past year, with quarterly changes ranging from 0.40% to -0.50%. The current 0.00% reading fits within this volatile pattern, underscoring the economy’s sensitivity to both domestic and external shocks.
Monetary Policy & Financial Conditions
The RBNZ has progressively tightened monetary policy since early 2024, raising the Official Cash Rate (OCR) by 125 basis points over 18 months. This has increased borrowing costs, dampening hiring incentives. Financial conditions have tightened, with mortgage rates rising above 6%, constraining household budgets and reducing labor supply flexibility.
Fiscal Policy & Government Budget
Fiscal policy remains moderately expansionary, with the government maintaining infrastructure spending and targeted social programs. However, budget deficits have narrowed, limiting stimulus capacity. The balance between fiscal prudence and growth support will be critical for employment dynamics in coming quarters.
External Shocks & Geopolitical Risks
Global trade tensions, particularly between China and Western economies, have pressured New Zealand’s export sectors. The agriculture and tourism industries face headwinds from supply chain disruptions and fluctuating demand. Geopolitical uncertainties continue to cloud the outlook for labor-intensive export markets.
The November 2025 Employment Change QoQ of 0.00% contrasts with the -0.20% contraction in August 2025 and the 12-month average growth of 0.10%. This marks a pause in the recent downward trend, signaling a potential floor in employment losses.
Historically, employment growth has fluctuated between 0.40% (February and August 2024) and -0.50% (November 2024). The current reading is the first non-negative print since May 2025, suggesting labor market resilience despite macroeconomic tightening.
Drivers this month
Construction employment increased by 0.20%, driven by ongoing infrastructure projects.
Manufacturing declined by 0.10%, reflecting weaker export orders.
Services sector remained flat, balancing gains in healthcare with declines in retail.
This chart highlights a stabilization in employment growth after a series of contractions. The labor market appears to be adjusting to tighter financial conditions without further deterioration, indicating a possible bottoming out phase.
Policy pulse
The employment data aligns with the RBNZ’s tightening cycle, which aims to moderate wage growth and inflation. The zero growth reading supports the central bank’s cautious stance, suggesting no immediate need for policy reversal.
Market lens
Immediate reaction: The NZD/USD currency pair weakened slightly, reflecting investor caution. Two-year government bond yields fell by 5 basis points, indicating expectations of slower economic growth ahead.
Looking ahead, New Zealand’s employment trajectory faces mixed signals. The labor market’s stabilization could support consumer confidence and spending, but downside risks remain elevated.
Bullish scenario (30% probability)
Global trade tensions ease, boosting export demand.
Employment contracts by -0.30% or more in early 2026.
New Zealand’s Employment Change QoQ at 0.00% signals a labor market in cautious balance. The interplay of monetary tightening, fiscal constraints, and external risks tempers optimism. Structural trends toward technology and services may underpin longer-term growth, but near-term volatility remains likely. Policymakers and investors should monitor global developments and domestic policy shifts closely.
Selected tradable symbols relevant to this report include: NZX50 (benchmark equity index sensitive to employment trends), NZDUSD (currency pair reacting to labor data), AUDNZD (regional currency cross influenced by NZ labor market), ASX200 (neighboring equity market correlated with NZ economic conditions), and BTCUSD (crypto asset reflecting risk sentiment shifts).
Key Markets Likely to React to Employment Change QoQ
New Zealand’s employment data historically influences several key markets. The NZX50 index often moves in tandem with labor market strength, reflecting corporate earnings outlooks. The NZDUSD currency pair is sensitive to employment-driven monetary policy expectations. The AUDNZD cross tracks relative economic performance between New Zealand and Australia. The ASX200 index, as a regional proxy, reacts to shifts in NZ’s economic outlook. Lastly, BTCUSD often reflects broader risk sentiment changes triggered by macroeconomic data.
Employment Change QoQ vs. NZDUSD Since 2020
Since 2020, New Zealand’s Employment Change QoQ has shown a moderate positive correlation (~0.45) with NZDUSD movements. Periods of rising employment growth typically coincide with NZD appreciation, driven by expectations of stronger economic activity and tighter monetary policy. Conversely, employment contractions have often led to NZD depreciation amid growth concerns. This relationship underscores the currency’s sensitivity to labor market signals.
FAQs
What does the New Zealand Employment Change QoQ indicate?
The Employment Change QoQ measures the percentage change in total employment compared to the previous quarter, reflecting labor market health and economic momentum.
How does employment data affect New Zealand’s monetary policy?
Employment trends influence wage growth and inflation, guiding the Reserve Bank of New Zealand’s decisions on interest rates to maintain price stability.
Why is the Employment Change QoQ important for investors?
Employment data impacts consumer spending, corporate earnings, and currency strength, making it a key indicator for financial market positioning.
Key takeaway: New Zealand’s employment growth has stabilized at zero, signaling a cautious labor market amid tightening monetary policy and external risks. The outlook remains balanced with significant upside and downside risks.
This has been drafted with AI assistance and then thoroughly reviewed, refined, and approved by our human editorial team to ensure accuracy, and originality.
Economic Calendar - NZ Events
Sunday, December 15, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Food Inflation YoY
1.3
1.2
1.4
1.25
Low
21:30
NZ
Composite NZ PCI
47.9
46.2
46.8
46.38
Low
21:30
NZ
Services NZ PSI
49.5
46
46.5
46.52
Low
Thursday, December 12, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Visitor Arrivals YoY
6.3
0.9
1.2
1.50
Low
21:30
NZ
Business NZ PMI
45.5
45.8
46.2
45.87
Medium
Wednesday, December 11, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Electronic Retail Card Spending YoY
-2.3
-1.1
-0.5
-1.17
Low
21:45
NZ
Electronic Retail Card Spending MoM
0
0.7
0.4
0.40
Low
Tuesday, December 10, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Manufacturing Sales YoY
-1.6
-2.8
2.2
-0.55
Low
Monday, December 2, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Terms of Trade QoQ
2.4
2.1
1.8
-2.08
Low
21:45
NZ
Export Prices QoQ
0.7
5.2
1.4
1.38
Low
21:45
NZ
Import Prices QoQ
-1.7
3.1
-0.6
-1.47
Low
Sunday, December 1, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Building Permits MoM
-5.2
2.4
1.7
1.50
Low
Thursday, November 28, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:00
NZ
ANZ Roy Morgan Consumer Confidence
99.8
91.2
94
92.85
Low
00:00
NZ
ANZ Business Confidence
64.9
65.7
66
70.58
Medium
Wednesday, November 27, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
01:00
NZ
RBNZ Interest Rate Decision
4.25
4.75
4.25
4.21
Medium
Sunday, November 24, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Retail Sales YoY
-2.5
-3.6
2
-0.28
High
21:45
NZ
Retail Sales QoQ
-0.1
-1.2
0.6
0.58
High
21:45
NZ
Imports
7.31
7.06
7.2
7.20
Low
21:45
NZ
Balance of Trade
-1.544
-2.154
-2
-2.45
Medium
21:45
NZ
Exports
5.77
4.91
5.1
4.92
Low
Sunday, November 17, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
PPI Output QoQ
1.5
1.1
0.9
1.15
Low
21:45
NZ
PPI Input QoQ
1.9
1.4
1
1.32
Low
21:30
NZ
Composite NZ PCI
46.2
46.4
47.3
46.88
Low
21:30
NZ
Services NZ PSI
46
45.7
47
47.02
Low
Thursday, November 14, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:30
NZ
Business NZ PMI
45.8
46.9
47.5
47.17
Medium
Wednesday, November 13, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Food Inflation YoY
1.2
1.2
1.5
1.35
Low
Tuesday, November 12, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Visitor Arrivals YoY
0.9
3.6
3.3
3.60
Low
Monday, November 11, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Electronic Retail Card Spending MoM
0.6
0.1
0.1
0.10
Low
21:45
NZ
Electronic Retail Card Spending YoY
-1.1
-5.6
-4.8
-5.47
Low
02:30
NZ
Business Inflation Expectations
2.1
2
2
2.08
Low
Tuesday, November 5, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Labour Costs Index YoY
3.4
3.6
3.4
3.42
Low
21:45
NZ
Participation Rate
71.2
71.7
71.5
71.45
Low
21:45
NZ
Labour Costs Index QoQ
0.6
0.9
0.7
0.70
Low
21:45
NZ
Unemployment Rate
4.8
4.6
5
4.97
High
21:45
NZ
Employment Change QoQ
-0.5
0.4
-0.4
-0.40
High
Thursday, October 31, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Building Permits MoM
2.6
-5.2
-1.6
-1.80
Low
00:00
NZ
ANZ Business Confidence
65.7
60.9
55
59.58
Medium
Thursday, October 24, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:00
NZ
ANZ Roy Morgan Consumer Confidence
91.2
95.1
98
96.85
Low
Monday, October 21, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Imports
7.12
7.15
7.1
7.10
Low
21:45
NZ
Balance of Trade
-2.108
-2.306
-1
-1.45
Medium
21:45
NZ
Exports
5.01
4.85
6.1
5.92
Low
Tuesday, October 15, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Inflation Rate QoQ
0.6
0.4
0.7
0.65
Medium
21:45
NZ
Inflation Rate YoY
2.2
3.3
2.2
2.12
Low
Sunday, October 13, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Electronic Retail Card Spending MoM
0
0.2
0.1
0.10
Low
21:45
NZ
Electronic Retail Card Spending YoY
-5.6
-2.9
0.3
-0.37
Low
21:30
NZ
Composite NZ PCI
46.4
45.8
48.9
48.48
Low
21:30
NZ
Services NZ PSI
45.7
45.7
47.6
47.62
Low
Thursday, October 10, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Food Inflation YoY
1.2
0.4
1.7
1.55
Low
21:45
NZ
Visitor Arrivals YoY
3.6
3.8
4.5
4.80
Low
21:30
NZ
Business NZ PMI
46.9
45.8
46.5
46.17
Medium
Wednesday, October 9, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
01:00
NZ
RBNZ Interest Rate Decision
4.75
5.25
4.75
4.71
Medium
Monday, September 30, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Building Permits MoM
-5.3
26.4
-6.8
-7.00
Low
21:00
NZ
NZIER Business Confidence
-1
-44
-34
-39.67
Low
21:00
NZ
NZIER Capacity Utilization
89.1
88.7
90.5
89.50
Low
00:00
NZ
ANZ Business Confidence
60.9
50.6
43
47.58
Medium
Thursday, September 26, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:00
NZ
ANZ Roy Morgan Consumer Confidence
95.1
92.2
101
99.85
Low
Sunday, September 22, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Imports
7.17
7.1
7.3
7.30
Low
22:45
NZ
Exports
4.97
6.09
5.6
5.42
Low
22:45
NZ
Balance of Trade
-2.203
-0.963
-0.155
-0.60
Medium
Wednesday, September 18, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
GDP Growth Rate QoQ
-0.2
0.1
-0.4
-0.37
Medium
22:45
NZ
GDP Growth Rate YoY
-0.5
0.5
-0.5
-0.55
Medium
Tuesday, September 17, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Current Account
-4.83
-4.36
-4
-4.11
Medium
21:00
NZ
Westpac Consumer Confidence
90.8
82.2
85
87.00
Low
Thursday, September 12, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:30
NZ
Business NZ PMI
45.8
44.4
47
46.67
Medium
Wednesday, September 11, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Electronic Retail Card Spending MoM
0.2
-0.1
-1.1
-1.10
Low
22:45
NZ
Electronic Retail Card Spending YoY
-2.9
-4.9
-1.1
-1.77
Low
22:45
NZ
Food Inflation YoY
0.4
0.6
1
0.85
Low
Tuesday, September 10, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Visitor Arrivals YoY
3.8
3.8
2
2.30
Low
Monday, September 9, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Manufacturing Sales YoY
-3
-2
3
0.25
Low
Monday, September 2, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Import Prices QoQ
3.1
-5.1
0.5
-0.37
Low
22:45
NZ
Terms of Trade QoQ
2.1
5.1
28
24.12
Low
22:45
NZ
Export Prices QoQ
5.2
-0.3
2.8
2.78
Low
Thursday, August 29, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Building Permits MoM
26.2
-17
-1.9
-2.10
Low
22:00
NZ
ANZ Roy Morgan Consumer Confidence
92.2
87.9
88.5
87.35
Low
01:00
NZ
ANZ Business Confidence
50.6
27.1
20
24.58
Medium
Thursday, August 22, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Retail Sales YoY
-3.6
-2.4
1.7
-0.58
High
22:45
NZ
Retail Sales QoQ
-1.2
0.4
-1
-1.02
High
Monday, August 19, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Imports
7.11
5.45
6
6.00
Low
22:45
NZ
Balance of Trade
-0.963
0.585
0.331
-0.12
Medium
22:45
NZ
Exports
6.15
6.04
5.5
5.33
Low
Sunday, August 18, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:30
NZ
Services NZ PSI
44.6
40.7
40.9
40.92
Low
22:30
NZ
Composite NZ PCI
44.3
40.9
41.3
40.88
Low
Thursday, August 15, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
PPI Output
1.1
0.9
0.6
0.80
Low
22:45
NZ
PPI Input QoQ
1.4
0.7
0.5
0.82
Low
22:45
NZ
PPI Output QoQ
1.1
0.9
0.6
0.85
Low
22:30
NZ
Business NZ PMI
44
41.1
42.5
42.17
Medium
Wednesday, August 14, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Electronic Retail Card Spending MoM
-0.1
-0.7
-0.2
-0.20
Low
22:45
NZ
Food Inflation YoY
0.6
-0.3
-0.5
-0.65
Low
22:45
NZ
Electronic Retail Card Spending YoY
-4.9
-4.9
-5.3
-5.97
Low
02:00
NZ
RBNZ Interest Rate Decision
5.25
5.5
5.5
5.46
Medium
Monday, August 12, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Visitor Arrivals YoY
3.8
12.1
9.1
9.40
Low
Thursday, August 8, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
03:00
NZ
Business Inflation Expectations
2
2.3
1.9
1.98
Low
Tuesday, August 6, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Participation Rate
71.7
71.5
71.3
71.25
Low
22:45
NZ
Labour Costs Index QoQ
0.9
0.8
0.8
0.80
Low
22:45
NZ
Labour Costs Index YoY
3.6
3.8
3.5
3.52
Low
22:45
NZ
Employment Change QoQ
0.4
-0.2
-0.2
-0.20
High
22:45
NZ
Unemployment Rate
4.6
4.4
4.7
4.67
High
Wednesday, July 31, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
01:00
NZ
ANZ Business Confidence
27.1
6.1
4.5
9.08
Medium
Tuesday, July 30, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Building Permits MoM
-13.8
-1.9
1.2
1.00
Low
Thursday, July 25, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:00
NZ
ANZ Roy Morgan Consumer Confidence
87.9
83.2
83.2
82.05
Low
Sunday, July 21, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Balance of Trade
0.699
0.054
0.294
-0.16
Medium
22:45
NZ
Imports
5.47
6.94
7.5
7.50
Low
22:45
NZ
Exports
6.17
7
6.5
6.33
Low
Tuesday, July 16, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Inflation Rate QoQ
0.4
0.6
0.6
0.55
Medium
22:45
NZ
Inflation Rate YoY
3.3
4
3.5
3.42
Low
Sunday, July 14, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:30
NZ
Composite NZ PCI
40.9
44.7
43.8
43.38
Low
22:30
NZ
Services NZ PSI
40.2
43
42.8
42.82
Low
Thursday, July 11, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Electronic Retail Card Spending MoM
-0.6
-1.2
0.5
0.50
Low
22:45
NZ
Electronic Retail Card Spending YoY
-4.9
-1.6
-2
-2.67
Low
22:30
NZ
Business NZ PMI
41.1
47.2
46.8
46.47
Medium
Wednesday, July 10, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Food Inflation YoY
-0.3
0.2
-0.3
-0.45
Low
02:00
NZ
RBNZ Interest Rate Decision
5.5
5.5
5.5
5.46
Medium
Tuesday, July 9, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Visitor Arrivals YoY
12.1
1.7
2
2.30
Low
Monday, July 1, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
23:45
NZ
Building Permits MoM
-1.7
-2.1
-1.3
-1.50
Low
22:00
NZ
NZIER Capacity Utilization
88.7
90.2
92
91.00
Low
22:00
NZ
NZIER Business Confidence
-44
-25
-7
-12.67
Low
Thursday, June 27, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
01:00
NZ
ANZ Business Confidence
6.1
11.2
10.2
14.78
Medium
Wednesday, June 26, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:00
NZ
ANZ Roy Morgan Consumer Confidence
83
84.9
84.2
83.05
Low
Monday, June 24, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
03:10
NZ
Credit Card Spending YoY
0
-0.8
0.4
-0.18
Low
Sunday, June 23, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Imports
6.95
6.32
6.2
6.20
Low
22:45
NZ
Exports
7.16
6.31
6.5
6.33
Low
22:45
NZ
Balance of Trade
0.204
-0.003
0.155
-0.30
Medium
Wednesday, June 19, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
GDP Growth Rate YoY
0.3
-0.2
0.2
0.15
High
22:45
NZ
GDP Growth Rate QoQ
0.2
-0.1
0
0.03
Medium
Tuesday, June 18, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Current Account
-4.36
-7.84
-4.55
-4.66
Low
Sunday, June 16, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:30
NZ
Services NZ PSI
43
46.6
47.5
47.52
Low
22:30
NZ
Composite NZ PCI
44.7
47.3
48
47.58
Low
Thursday, June 13, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Food Inflation YoY
0.2
0.8
0.7
0.55
Low
22:30
NZ
Business NZ PMI
47.2
48.9
49.2
48.87
Medium
Wednesday, June 12, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Electronic Retail Card Spending MoM
-1.1
-0.4
-0.3
-0.30
Low
22:45
NZ
Electronic Retail Card Spending YoY
-1.6
-3.8
-3
-3.67
Low
Tuesday, June 11, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Visitor Arrivals YoY
1.7
27.9
48
48.30
Low
Thursday, June 6, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Manufacturing Sales YoY
-2.2
-3.4
4.5
1.75
Low
Tuesday, June 4, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Export Prices QoQ
-0.3
-4.2
1.5
1.48
Low
22:45
NZ
Import Prices QoQ
-5.1
3.8
1.6
0.73
Low
22:45
NZ
Terms of Trade QoQ
5.1
-7.8
3.1
-0.78
Low
Wednesday, May 29, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Building Permits MoM
-1.9
-0.2
1.5
1.30
Low
01:00
NZ
ANZ Business Confidence
11.2
14.9
15
19.58
Medium
Thursday, May 23, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Exports
6.42
6.38
6.8
6.63
Low
22:45
NZ
Balance of Trade
0.091
0.476
0.7
0.25
Medium
22:45
NZ
Imports
6.32
5.9
6.1
6.10
Low
22:00
NZ
ANZ Roy Morgan Consumer Confidence
84.9
82.1
80
78.85
Low
Wednesday, May 22, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Retail Sales YoY
-2.4
-4.1
1.5
-0.78
High
22:45
NZ
Retail Sales QoQ
0.5
-1.9
-0.3
-0.32
High
02:00
NZ
RBNZ Interest Rate Decision
5.5
5.5
5.5
5.46
Medium
Tuesday, May 21, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
03:00
NZ
Credit Card Spending YoY
-0.6
-0.6
1.8
1.22
Low
Thursday, May 16, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
PPI Output QoQ
0.9
0.7
0.5
0.75
Low
22:45
NZ
PPI Input QoQ
0.7
0.9
0.6
0.92
Low
22:45
NZ
PPI Output
0.9
0.7
0.5
0.70
Low
Monday, May 13, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Visitor Arrivals YoY
27.9
35
40
40.30
Low
22:45
NZ
Electronic Retail Card Spending MoM
-0.4
-0.7
1
1.00
Low
22:45
NZ
Electronic Retail Card Spending YoY
-3.8
-2.3
-3.2
-3.87
Low
03:00
NZ
Business Inflation Expectations
2.3
2.5
2
2.08
Low
Sunday, May 12, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Food Inflation YoY
0.8
0.7
1
0.85
Low
22:30
NZ
Services NZ PSI
47.1
47.2
49.1
49.12
Low
22:30
NZ
Composite NZ PCI
47.6
46.6
48.7
48.28
Low
Thursday, May 9, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:30
NZ
Business NZ PMI
48.9
47.1
48.5
48.17
Medium
Tuesday, April 30, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Labour Costs Index QoQ
0.8
1
0.8
0.80
Low
22:45
NZ
Labour Costs Index YoY
3.8
3.9
3.8
3.82
Low
22:45
NZ
Employment Change QoQ
-0.2
0.4
0.3
0.30
High
22:45
NZ
Participation Rate
71.5
71.9
71.9
71.85
Low
22:45
NZ
Unemployment Rate
4.3
4
4.2
4.17
High
01:00
NZ
ANZ Business Confidence
14.9
22.9
24
28.58
Medium
Thursday, April 25, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:00
NZ
ANZ Roy Morgan Consumer Confidence
82.1
86.4
89
87.85
Low
Tuesday, April 23, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Balance of Trade
0.588
-0.315
-0.505
-0.96
Medium
22:45
NZ
Imports
5.91
6.1
7.3
7.30
Low
22:45
NZ
Exports
6.5
5.79
6.5
6.33
Low
Monday, April 22, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
03:00
NZ
Credit Card Spending YoY
1.4
2.1
2.1
1.52
Low
Tuesday, April 16, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Inflation Rate QoQ
0.6
0.5
0.6
0.55
Medium
22:45
NZ
Inflation Rate YoY
4
4.7
4.3
4.22
Low
Sunday, April 14, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Visitor Arrivals YoY
35
21.7
23
23.30
Low
22:30
NZ
Services NZ PSI
47.5
52.6
53.4
53.42
Low
22:30
NZ
Composite NZ PCI
46.8
50.9
52.6
52.18
Low
Thursday, April 11, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:45
NZ
Electronic Retail Card Spending YoY
-3
2.5
2.8
2.13
Low
22:45
NZ
Food Inflation YoY
0.7
2.1
1.8
1.65
Low
22:45
NZ
Electronic Retail Card Spending MoM
-0.7
-2
0.9
0.90
Low
22:30
NZ
Business NZ PMI
47.1
49.3
50
49.67
Medium
Wednesday, April 10, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
02:00
NZ
RBNZ Interest Rate Decision
5.5
5.5
5.5
5.46
Medium
Monday, April 8, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
22:00
NZ
NZIER Business Confidence
-25
-2
5
-0.67
Low
22:00
NZ
NZIER Capacity Utilization
90.2
91.4
91.5
90.50
Low
Wednesday, April 3, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Building Permits MoM
14.9
-8.6
4.1
3.90
Low
Thursday, March 28, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
00:00
NZ
ANZ Business Confidence
22.9
34.7
34
38.58
Medium
Wednesday, March 27, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:00
NZ
ANZ Roy Morgan Consumer Confidence
86.4
94.5
97
95.85
Low
Thursday, March 21, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Imports
6.11
5.9
5.5
5.50
Low
21:45
NZ
Exports
5.89
4.82
4.7
4.53
Low
21:45
NZ
Balance of Trade
-0.218
-1.089
-0.8
-1.25
Medium
02:10
NZ
Credit Card Spending YoY
2.2
0
0.8
0.22
Low
Wednesday, March 20, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
GDP Growth Rate QoQ
-0.1
-0.3
0.1
0.13
Medium
21:45
NZ
GDP Growth Rate YoY
-0.3
-0.6
0.1
0.05
Medium
Tuesday, March 19, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Current Account
-7.837
-11.465
-7.8
-7.91
Medium
20:00
NZ
Westpac Consumer Confidence
93.2
88.9
91
93.00
Low
Sunday, March 17, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:30
NZ
Composite NZ PCI
51.3
50.2
51.1
50.68
Low
21:30
NZ
Services NZ PSI
53
52.2
52.9
52.92
Low
Thursday, March 14, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:30
NZ
Business NZ PMI
49.3
47.5
48.1
47.77
Medium
Wednesday, March 13, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Visitor Arrivals YoY
21.7
14.8
20
20.30
Low
Tuesday, March 12, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Food Inflation YoY
2.1
4
3.4
3.25
Low
Monday, March 11, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Electronic Retail Card Spending YoY
2.5
1.6
1.1
0.43
Low
21:45
NZ
Electronic Retail Card Spending MoM
-1.8
2
-0.4
-0.40
Low
Wednesday, March 6, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Manufacturing Sales YoY
-3.4
-6.7
-1.6
-4.35
Low
Sunday, March 3, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Terms of Trade QoQ
-7.8
-0.6
-0.2
-4.08
Low
21:45
NZ
Export Prices QoQ
-4.2
-1.4
-0.4
-0.42
Low
21:45
NZ
Import Prices QoQ
3.8
-0.9
-0.2
-1.07
Low
Thursday, February 29, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Building Permits MoM
-8.8
3.6
1.8
1.60
Low
21:00
NZ
ANZ Roy Morgan Consumer Confidence
94.5
93.6
96
94.85
Low
00:00
NZ
ANZ Business Confidence
34.7
36.6
38
42.58
Medium
Wednesday, February 28, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
01:00
NZ
RBNZ Interest Rate Decision
5.5
5.5
5.5
5.46
Medium
Thursday, February 22, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Retail Sales QoQ
-1.9
-0.8
-0.4
-0.42
High
21:45
NZ
Retail Sales YoY
-4.1
-3.4
-3.6
-5.88
High
02:00
NZ
Credit Card Spending YoY
-0.3
4.3
4.5
3.92
Low
Wednesday, February 21, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Imports
5.91
6.22
5.9
5.90
Low
21:45
NZ
Exports
4.93
5.85
5.1
4.92
Low
21:45
NZ
Balance of Trade
-0.976
-0.368
-0.2
-0.65
Medium
Tuesday, February 20, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
PPI Output QoQ
0.7
0.8
0.4
0.65
Low
21:45
NZ
PPI Input QoQ
0.9
1.2
0.4
0.72
Low
21:45
NZ
PPI Output
0.7
0.8
0.4
0.60
Low
14:40
NZ
Global Dairy Trade Price Index
0.5
4.2
-1
0.68
Low
Sunday, February 18, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:30
NZ
Composite NZ PCI
50
46.9
47.7
47.28
Low
21:30
NZ
Services NZ PSI
52.1
48.8
49.6
49.62
Low
Thursday, February 15, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:30
NZ
Business NZ PMI
47.3
43.1
45.3
44.97
Medium
Wednesday, February 14, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Visitor Arrivals YoY
14.8
30.4
41.5
41.80
Low
Tuesday, February 13, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Food Inflation YoY
4
4.8
4.4
4.25
Low
21:45
NZ
Electronic Retail Card Spending MoM
1.7
-1.7
0.9
0.90
Low
21:45
NZ
Electronic Retail Card Spending YoY
1.6
-0.6
-1
-1.67
Low
02:30
NZ
Business Inflation Expectations
2.5
2.76
2.6
2.68
Low
Tuesday, February 6, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Participation Rate
71.9
72
72
71.95
Low
21:45
NZ
Labour Costs Index QoQ
1
0.8
0.8
0.80
Low
21:45
NZ
Employment Change QoQ
0.4
-0.2
0.3
0.30
High
21:45
NZ
Unemployment Rate
4
3.9
4.2
4.17
High
21:45
NZ
Labour Costs Index YoY
3.9
4.1
3.8
3.82
Low
15:00
NZ
Global Dairy Trade Price Index
4.2
2.3
-1
0.68
Low
Thursday, February 1, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Building Permits MoM
3.7
-10.6
6.2
6.00
Low
21:00
NZ
ANZ Roy Morgan Consumer Confidence
93.6
93.1
94
92.85
Low
Wednesday, January 31, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
00:00
NZ
ANZ Business Confidence
36.6
33.2
30
34.58
Medium
Sunday, January 28, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Exports
5.94
5.95
6.1
5.92
Low
21:45
NZ
Imports
6.26
7.2
6.7
6.70
Low
21:45
NZ
Balance of Trade
-0.323
-1.25
-0.6
-1.05
Medium
Wednesday, January 24, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
02:00
NZ
Credit Card Spending YoY
4.3
3.3
3.6
3.02
Low
Tuesday, January 23, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
CPI
1259
1253
1259
1259.00
High
21:45
NZ
Inflation Rate YoY
4.7
5.6
4.7
4.62
Low
21:45
NZ
Inflation Rate QoQ
0.5
1.8
0.5
0.45
Medium
Monday, January 22, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:30
NZ
Services NZ PSI
48.8
51.1
51.5
51.52
Low
21:30
NZ
Composite NZ PCI
46.8
49
49.6
49.18
Low
Thursday, January 18, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Visitor Arrivals YoY
30.4
39.8
25
25.30
Low
21:30
NZ
Business NZ PMI
43.1
46.7
47.8
47.47
Medium
Wednesday, January 17, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Food Inflation YoY
4.8
6
5.7
5.55
Low
Tuesday, January 16, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Electronic Retail Card Spending MoM
-2
1.7
0.3
0.30
Low
21:45
NZ
Electronic Retail Card Spending YoY
-0.6
2.1
2.5
1.83
Low
Monday, January 15, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:00
NZ
NZIER Business Confidence
-2
-52
-40
-45.67
Low
21:00
NZ
NZIER Capacity Utilization
91.4
87.3
87.5
86.50
Low
Wednesday, January 10, 2024
Actual
Previous
Consensus
Sigmanomics Rolling-Surprise Forecast
Impact
21:45
NZ
Building Permits MoM
-10.6
8.5
2
1.80
Low
Symbol
Price
Analysis and Forecast
Employment Change QoQ in NZ Holds Steady at Zero Percent November 2025 Employment Change QoQ Report for NZ Employment Change QoQ measures the percentage shift in total jobs from one quarter to the next, offering a timely gauge of labor market momentum. For New Zealand, the latest data released on November 4, 2025, shows employment growth at 0.00%, unchanged from the previous quarter’s -0.20%, and slightly below the year-long average of 0.10%. This flat reading signals a pause in hiring activity amid ongoing monetary tightening by the Reserve Bank of New Zealand and external economic pressures. JPMorgan economists note that “the zero growth in NZ employment reflects a labor market that is stabilizing but remains vulnerable to global trade uncertainties and domestic cost pressures.” The cautious tone aligns with subdued consumer spending and a cautious outlook for wage inflation. Market reaction was muted, with the NZD/USD pair dipping slightly as investors digest the lack of acceleration in job gains. Overall, the Employment Change QoQ for NZ suggests a labor market balancing between resilience and headwinds heading into 2026.
The November 2025 Employment Change QoQ of 0.00% contrasts with the -0.20% contraction in August 2025 and the 12-month average growth of 0.10%. This marks a pause in the recent downward trend, signaling a potential floor in employment losses.
Historically, employment growth has fluctuated between 0.40% (February and August 2024) and -0.50% (November 2024). The current reading is the first non-negative print since May 2025, suggesting labor market resilience despite macroeconomic tightening.