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New Zealand · Employment

New Zealand Employment Change q/q NZD

High impact Updated after every release

What this release is

The New Zealand Employment Change report measures the quarterly percentage change in the total number of people employed across New Zealand. This key economic indicator is published by Statistics New Zealand, providing a broad overview of the nation’s labor market health. It reflects the net change in jobs created or lost over the preceding three months.

Forex traders closely monitor this release as a significant gauge of New Zealand’s economic performance and potential inflationary pressures. The Reserve Bank of New Zealand, RBNZ, considers labor market conditions, including employment levels, when assessing the economy and formulating monetary policy. Stronger employment growth can suggest a robust economy, potentially influencing RBNZ interest rate decisions, which in turn can affect the New Zealand Dollar, NZD.

The market typically focuses on the headline employment change figure upon its release. However, traders also examine any revisions to previous quarter’s data, as these can provide additional context about underlying trends. As a quarterly release, its impact tends to be high due to the infrequency of updates, making each report a significant event for NZD valuation. The broader employment report also includes other related metrics that contribute to the overall market reaction.

How hard it hits, measured

43 releases · own feed
Typical NZDUSD move
15pips / 1h
Median absolute move in the hour after the release
Big-release move
28pips / 1h
Top-quarter releases move at least this much
Largest measured
64pips
Biggest one-hour reaction in our archive
Direction reliability
n/a
Unlocks after 8 live-captured releases with consensus. Measured, never estimated
Pair5 min15 min1 hourBig release (1h)
NZDUSD9.7p15p15p28p
AUDNZD16p16p17p37p
EURNZD27p33p34p65p
GBPNZD27p36p37p75p
NZDCAD13p21p17p30p
NZDCHF7.8p13p11p24p
NZDJPY14p15p19p29p

How we measure: moves come from our own MT4 price feed and our archived minute bars, sampled 5, 15 and 60 minutes after each release against the pre-release price. No estimates, no third-party numbers. Releases where our feed had a gap are skipped, never guessed.

What usually happens

conditional history
Beat above consensus NZDUSD closed the hour higher in 9 of 14 cases · median +11p n=14 live
Miss below consensus NZDUSD closed the hour lower in 13 of 17 cases · median -4.9p n=17 live
In line within the surprise band Accumulating. Shows after 8 live-captured releases n=2 live

These are counts of what happened after past releases, conditional on the surprise direction. They are history, not a forecast, and never a trade recommendation. Sample sizes are shown because small samples mislead; rows stay locked until the sample is honest.

Release history

accumulates every release
DateActualForecastPreviousRevised toNZDUSD 1h
Nov 3, 2026-0.1%0.4%0.5%0.3%-28pStory
Aug 25, 2026————-2.3p—
Aug 4, 20262822.4%0.2%0.2%—-20p—
May 5, 20260.2%0.4%0.5%—+17p—
Feb 3, 20260.5%-0.5%0%—-16p—
Nov 4, 20250%0.2%-0.1%-0.2%-11p—
Aug 5, 2025-0.1%-0.5%0.1%0.1%+15p—
May 6, 20250.1%-0.6%-0.1%-0.2%-3.2p—
Feb 4, 2025-0.1%0.4%-0.5%-0.6%-0.6p—
Nov 5, 2024-0.5%0.4%0.4%0.2%+3.6p—
Aug 6, 20240.4%0.4%-0.2%-0.3%+13p—
Apr 30, 2024-0.2%0.4%0.4%—-2.3p—
Feb 6, 20240.4%0.4%-0.2%-0.1%+18p—
Oct 31, 2023-0.2%0.6%1%—-18p—
Aug 1, 20231%0.7%0.8%1.1%-22p—
May 2, 20230.8%0.6%0.2%0.5%+11p—
Jan 31, 20230.2%0.7%1.3%—-30p—
Nov 1, 20221.3%0.6%0%—+4.3p—
Aug 2, 20220%0.8%0.1%0%-28p—
May 3, 20220.1%0.9%0.1%0%-7.3p—
Feb 1, 20220.1%0.9%2%1.9%-4.3p—
Nov 2, 20212%0.2%1%—+28p—
Aug 3, 20211%0%0.6%—+15p—
May 4, 20210.6%-0.2%0.6%—+12p—

Showing the latest 24 of 43 tracked releases.

Reaction = NZDUSD move 60 minutes after the release, measured from our own price history. Story links appear for releases our news desk covered; every release gets a row here whether or not it gets a story. Values from before our live tracking began are the current figures in the official statistical series, so they include later revisions; live rows record the number as printed.

Market statistics, not financial advice. All reaction figures are measured from our own price feed under our published methodology.
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