Unemployment drops to 6.4pc, dollar jumps
11:55 AM Thursday Nov 4, 2010

Unemployment numbers just released show New Zealand's jobless rate has fallen from 6.9 per cent to 6.4 per cent - better than many were expecting.

Market economists expected today's release of the Household Labour Force Survey to show the labour market improving, but only enough to trim the unemployment rate from 6.8 to 6.7 per cent.

The June quarter unemployment rate has been revised up to 6.9 per cent from the 6.8 per cent originally published.

The kiwi dollar jumped as much as 1.1 per cent immediately after the announcement, and recently traded at 78.63 US cents, the highest since April 2008.

ASB economist Jane Turner said today's survey results were encouraging.

She said that both employment growth and unemployment rate suggested the economy has performed better than expected over the third quarter of this year.

More here.