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A Westpac survey is pointing to a modest improvement in the labour market, indicating unemployment may have peaked at 5.3%.
The bank said its Westpac-McDermott Miller Employment Confidence Index (ECI) rose 3.9 points to 93.8 in the December quarter.
While it was the highest reading since March 2024, it remained in subdued territory, Westpac said.
A level below 100 indicates more households are pessimistic about the outlook than optimistic.
“New Zealanders still see jobs as being in short supply,” Westpac senior economist Michael Gordon said.