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The Kiwi Weakens as The Jobless Rate Jumps to 6.8%

New Zealand’s unemployment rate unexpectedly rose to a two-year high last quarter, adding to evidence of a weak economic recovery. The local currency retreated and investors increased bets on an interest-rate cut.

The jobless rate gained to 6.8 percent from 6.7 percent in the first quarter, Statistics New Zealand said in a report today in Wellington. The median estimate in a Bloomberg survey was 6.5 percent. Employment dropped by 0.1 percent, or 2,000 jobs, from the first quarter, when it increased 0.4 percent. Economists expected a 0.4 percent advance in second-quarter employment.”

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