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☆ New Zealand's economy poses challenge for election victor
▼ + stars: | 2023-10-11 | by ( Lucy Craymer | ) www.reuters.com time to read: +5 min

[1/2] Christopher Luxon, Leader of the National Party, speaks at the New Zealand National Party’s election campaign launch in Auckland, New Zealand, September 3, 2023. That will stiffen the challenge for the nation's two major parties, the centre-left Labour Party and the centre-right National Party, to deliver its agenda where rising prices and government debt have been hot-button election issues. At the same time government borrowing costs are increasing and the country’s ballooning current account deficit poses a risk to the country’s credit rating. Kelly Eckhold, chief economist at Westpac New Zealand said tough fiscal choices face an incoming government. ($1 = 1.6551 New Zealand dollars)Reporting by Lucy Craymer Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Christopher Luxon, David Rowland, won’t, Kelly Eckhold, ”, Lucy Craymer, Shri Navaratnam Organizations: National Party, New Zealand National, REUTERS, Rights, Labour Party, Bank, Bank of New, National, Statistics New Zealand, Reserve Bank of New, Labour, NZ, Westpac New Zealand, Zealand, Thomson Locations: Auckland , New Zealand, Bank of New Zealand, New Zealand, Zealanders, Reserve Bank of New Zealand

☆ New Zealand's Economy Poses Challenge for Election Victor
▼ + stars: | 2023-10-10 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +4 min

That will stiffen the challenge for the nation's two major parties, the centre-left Labour Party and the centre-right National Party, to deliver its agenda where rising prices and government debt have been hot-button election issues. “The Reserve Bank will need the government to do its bit if it is to cap the cash rate at the 5.5% it currently suggests,” analysts at Bank of New Zealand said in a note. DEBT, AND MORE DEBTThe biggest challenge for many New Zealanders is mortgage rates. At the same time government borrowing costs are increasing and the country’s ballooning current account deficit poses a risk to the country’s credit rating. Kelly Eckhold, chief economist at Westpac New Zealand said tough fiscal choices face an incoming government.

Persons: Lucy Craymer WELLINGTON, won’t, Kelly Eckhold, ”, Lucy Craymer, Shri Navaratnam Organizations: Reuters, Labour Party, National Party, Bank, Bank of New, National, Statistics New Zealand, Reserve Bank of New, Labour, NZ, Westpac New Zealand, Zealand Locations: Bank of New Zealand, New Zealand, Zealanders, Reserve Bank of New Zealand

Asian shares are lower, tracking a slump on Wall Street after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought. U.S. stocks slumped Wednesday after the Federal Reserve said it may not cut interest rates next year by as much as it earlier thought, regardless of how much Wall Street wants it. The Fed held its main interest rate steady at its highest level in more than two decades, as was expected. Wednesday on Wall Street, the S&P 500 fell 0.9% to 4,402.20. Shares of Klaviyo, which helps advertisers market over email and text messaging, rose 9.2% in their first day of trading.

Persons: Jerome Powell, it’s, ” Anderson Alves, ActivTrades, Hang Seng, Australia's, Grant Robertson, Fonterra, Powell, ” Powell, Instacart, Brent, Nick Perry Organizations: Federal Reserve, Fed, Nikkei, Toshiba Corp, Statistics New, Finance, Zealand, Dow Jones, Nasdaq, Treasury, Big Tech, Microsoft, Apple, Nvidia, Arm Holdings, New York Mercantile Exchange, U.S Locations: U.S, Shanghai, Seoul, Statistics New Zealand, China, Wellington , New Zealand

☆ New Zealand economy expands faster than expected
▼ + stars: | 2023-09-20 | by ( Lucy Craymer | ) www.reuters.com time to read: +3 min

Shoppers walk in front of a retail shop displaying a sale sign in central Wellington, New Zealand, July 3, 2017. Annual growth increased to 1.8%, Statistics New Zealand data showed, above expectations of 1.2%. "It's a victory for the New Zealand economy and for the people who work hard every single day to deliver high quality jobs," Finance Minister Grant Robertson told reporters. The handling of the economy has been a central theme in this year's election with the opposition criticising the government's role in record high inflation and the slowing economy. The Reserve Bank of New Zealand (RBNZ) has been forecasting the economy would slip into recession in the second half of 2023.

Persons: David Gray, Gabrielle, Grant Robertson, Lucy Craymer, Sonali Paul Organizations: REUTERS, Statistics, New Zealand, U.S . Federal, Labour, New, Finance, ASB, Reserve Bank of New Zealand, Thomson Locations: Wellington , New Zealand, WELLINGTON, Statistics New Zealand, Zealand, New Zealand

☆ New Zealand’s jobless rate rises to 3.6% in second quarter
▼ + stars: | 2023-08-01 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, Aug 2 (Reuters) - New Zealand’s jobless rate rose slightly in the second quarter from the previous quarter as more people entered the work force and wage inflation eased off three-decade highs. The unemployment rate increased to 3.6% in the June quarter from 3.4% in the March quarter and was slightly higher than a forecast 3.5% by economists, Statistics New Zealand data showed on Wednesday. Statistics New Zealand said the labour force participation rate at 72.4% and the employment rate at 69.8% were both the highest rates recorded since the survey began. Wage growth started to ease in the quarter although it remains historically high. Reporting by Lucy Craymer; Editing by Sandra Maler and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Lucy Craymer, Sandra Maler, Sonali Paul Organizations: WELLINGTON, Statistics, Reserve Bank of New Zealand, Thomson Locations: Statistics New Zealand, Zealand, New Zealand

☆ New Zealand slips into recession
▼ + stars: | 2023-06-15 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

With two quarters of negative growth, the country is now in a technical recession. Annual growth slowed to 2.2%, Statistics New Zealand data showed. The weakness in the economy will not be seen as a negative by the central bank, which has said it needs economic growth to slow to dampen inflation and inflation expectations. The Reserve Bank of New Zealand has undertaken its most aggressive policy tightening since 1999, when the official cash rate was introduced, lifting it by 525 basis points since October 2021 to 5.50%. Before the first-quarter GDP figures were released, the central bank had forecast the country would enter a recession in the second quarter of 2023, while Treasury's updated forecasts in May expected the country to avoid recession.

Persons: Gabrielle, Jason Attewell, Lucy Craymer, Sonali Paul Organizations: Statistics, Cyclones, Statistics New Zealand, Reserve Bank of New, Thomson Locations: Statistics New Zealand, Reserve Bank of New Zealand

☆ New Zealand's economy shrinks in fourth quarter, changing rate outlook
▼ + stars: | 2023-03-16 | by ( ) www.cnbc.com time to read: +1 min

Pedestrian walking past the Reserve Bank of New Zealand building on Saturday, June 22, 2019. New Zealand's economy missed forecasts for growth in the fourth quarter and instead shrank 0.6%, official data showed on Thursday, raising the chances of a recession and making further interest rate hikes less likely. Gross domestic product failed to meet analysts' expectations of a 0.2% contraction in the December quarter and was well below the Reserve Bank of New Zealand's forecast of 0.7% growth. The central bank and treasury had both forecast the country would enter a shallow recession in the second quarter of 2023. Regardless of whether the country is entering a recession, the economy is much less overheated than the Reserve Bank of New Zealand, or RBNZ, had expected.

☆ New Zealand breweries see CO2 rationing as shortage hits
▼ + stars: | 2023-01-10 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

REUTERS/Phil NobleJan 10 (Reuters) - New Zealand supplies of carbon dioxide (CO2), used to fizz drinks and in packaging and hospitals, are having to be rationed because of shortages following the closure of the country's only food-grade CO2 production facility. "We are working collaboratively with suppliers, customers and other industry stakeholders to manage the CO2 supply situation," it added. The rationing is the result of the shut down of a CO2 production facility on west coast of the North Island. To try to fill that gap, CO2 imports almost tripled last year, according to Statistics New Zealand data. ($1 = 1.5708 New Zealand dollars)Reporting by Lucy Craymer in Waipu, New Zealand; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

☆ New Zealand jobless rate remains low, wage inflation hits record
▼ + stars: | 2022-11-02 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

WELLINGTON, Nov 2 (Reuters) - New Zealand's jobless rate held at 3.3% in the third quarter, and wage inflation hit its highest level on record, adding to expectations the central bank will increase interest rates by a historic 75 basis points at its next meeting. HOT JOB MARKETThis tightness saw wage inflation hit its highest levels since the survey began in 1993 with third-quarter seasonally adjusted private sector wages up 3.8% on the previous year. Wage inflation highlights the extent of the challenge that the RBNZ faces bringing inflation under control, Michael Gordon, acting chief economist at Westpac said in a note. "There is no room for relenting on the path to higher interest rates yet," he said. New Zealand inflation is running at 7.2%, far above the central bank's target of 1-3% over the medium term.

☆ New Zealand jobless rate holds at 3.3%, employment jumps
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: 1 min

WELLINGTON, Nov 1 (Reuters) - New Zealand's jobless rate held at 3.3% in the third quarter even as employment surged 1.3% as more people went looking for work, according to data released by Statistics New Zealand on Wednesday. The participation rate jumped to a record high of 71.7% in the third quarter, above forecasts of 71.0%. Economists polled by Reuters had forecast an unemployment rate of 3.2% and employment growth of 0.5%. Statistics New Zealand data showed third quarter seasonally adjusted private sector wages rose 3.8% on the previous year. Reporting by Lucy Craymer Editing by Chris ReeseOur Standards: The Thomson Reuters Trust Principles.

☆ New Zealand Q3 inflation smashes expectations, boosts case for hawkish hikes
▼ + stars: | 2022-10-18 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

Annual inflation ran at 7.2% in the third quarter, sitting just below a three-decade high, Statistics New Zealand said in a statement on Tuesday. Inflation slowed slightly from 7.3% in the second quarter but far outpaced expectations in a Reuters poll for a 6.6% annual rise. "With the RBNZ having the inflation bit between its teeth, all options are likely to remain on the table." Smith said they had changed their OCR forecast and were now expecting a 75-basis-point rate hike in November, and two further 50 bp rate hikes in February and April 2023. Statistics New Zealand added that annual non-tradable inflation - products made in New Zealand for domestic consumption - rose 6.6%, the highest since it began tracking that data in June 2002.

☆ New Zealand third-quarter inflation outpaces expectations
▼ + stars: | 2022-10-17 | by ( Lucy Craymer | ) www.reuters.com time to read: +1 min

Annual inflation rose 7.2% in the third quarter, slowing from a 7.3% gain in the second quarter and sits just below three-decade highs, Statistics New Zealand said in a statement on Tuesday. The data was above economists’ expectations for a 1.6% rise for the quarter and a 6.7% annual rise, according to a Reuters poll. The New Zealand dollar rose slightly after the data showed inflation was hotter than expected. The main drivers of the 7.2% annual inflation were rising prices for construction, local government taxes and rentals for housing, Statistics New Zealand said in a statement. Statistics New Zealand added that annual non-tradable inflation - products made in New Zealand for domestic consumption - rose 6.6%, the highest since it began tracking that data in June 2002.

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