Unemployment has unexpectedly risen - albeit only by a fraction to 3.3% from 3.2%, according to Statistics New Zealand. Wages have risen by more than expected, with private sector hourly earnings up by some 7%, which is close to matching the current 7.3% annual inflation rate. Statistics New Zealand said that the unemployment rate as at the end of the June quarter was 3.3%. Economists had expected a continued fall in the rate, with predictions it may get down to 3% or even lower. While the rise in unemployment might actually provide the Reserve Bank (RBNZ) with some sense of relief, the increase in wages will not. It ... (full story)