-- New Zealand's unemployment rate fell 0.1 percentage point to 5.3% in the first quarter, aligning with the Reserve Bank's February projection, according to a report released by ANZ on Wednesday.
The unemployment rate was slightly lower than ANZ's expectation of 5.4%, per the report.
Despite this decline, the underlying data revealed weaker-than-expected employment growth of 0.2% quarter on quarter and a slight fall in the labor participation rate.
Meanwhile, wage growth remained stable and consistent with target inflation levels.
While employment, hours worked, and paid hours all expanded in the quarter and landed in the ballpark of ANZ's first-quarter gross domestic product forecast of 0.8% quarter on quarter, the data is viewed as a "look in the rearview mirror" with recent global oil price shocks shifting the outlook.
Figures indicate a labor market that was recovering in alignment with Reserve Bank forecasts before the oil shock, but offer very little insight into the labor market's future path.