New Zealand Employment Hits 14-Month High

New Zealand’s filled jobs rose 0.3% from a month earlier to 2.35 million in March 2026, the highest in 14 months, according to Statistics New Zealand. Jobs increased by 14,600 from a recent low in July but remained about 39,000 below levels seen two years earlier. The improvement in employment reflects earlier support from low interest rates, which boosted business and consumer confidence, helping stabilize hiring conditions. Economists expect the economy still posted modest growth in the first quarter, even as rising fuel costs in March, linked to the Iran conflict, began to weigh on activity. However, sentiment has since deteriorated as geopolitical tensions persisted. Business confidence fell to its lowest since mid-2024 in the first quarter, with higher costs squeezing profitability and firms reporting layoffs. A majority also expect further headcount reductions through June 2026, suggesting a weakening labor outlook despite recent gains in employment.