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Data from Stats NZ. Forecasts by Sigmanomics Forecast Engine.
New ZealandNew Zealand Employment Change QoQ fell to 0.2% in Q1 2026
Stats NZMonthlyReleased May 2026
New Zealand Employment Change QoQ fell to 0.2% in Q1 2026, released May 2026, down 0.3% from December's 0.5% reading. The reading missed the 0.3% consensus by 0.1%. The print is running well above the 12-month average of 0.18%.
Latest Release
0.2
Actual
0.3
Consensus
0.5
Previous
Median Absolute Error
±0.2 percentage points
across last 12 releases
Last Call
Feb 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 | Signal Bias | Action |
|---|---|---|---|---|---|
| NZD/USD | ▲ Direct | +0.55 | FOREX | Bullish NZD | → View |
| NZD/JPY | ▲ Direct | +0.45 | FOREX | Bullish NZD | → View |
| AUD/NZD | ▼ Inverse | −0.40 | FOREX | Bearish AUD | → View |
| EUR/NZD | ▼ Inverse | −0.35 | FOREX | Bullish NZD | → View |
| XAU/USD | ▲ Direct | +0.30 | COMMODITIES | Watch | → 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 0.2% in May 2026. This missed the market consensus of 0.3% by 0.1%. The reading fell from the previous value of 0.5%. Trailing 12-month context per ETL data through February 2026. This is classified as a medium-impact indicator released on a monthly basis.
WHY IT MATTERS
The indicator has been trending upward over the last three releases. The trailing three releases averaged 0.13%, up from the prior three at -0.17%. In February 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 GDP Growth Rate QoQ (Jun 17) and GDP Growth Rate YoY (Jun 17).
Auto-generated from current model state · Refreshes on each release · Last update February 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 (Jan 2026): actual 0.2 %, consensus 0.3 %. Prior reading (Oct 2025): 0.5 %. Before that (Jul 2025): 0 %.
WHAT'S NEXT
Sigmacast's 1-month forecast points to a higher reading versus the latest print. The 1-month and 3-month horizons disagree, suggesting a mixed 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.