Markets, Mystics & Mayhem podcast: Ep54

Published on 07 November 2025

Tune in for part one of a double-header episode - we're looking at both sides of the Phillips Curve. This week: the unemployment rate.

Is the Kiwi jobs market at a turning point?

There’s still a significant amount of slack in the Kiwi jobs market. The unemployment rate climbed to a nine-year high of 5.3% in the September quarter, and employment was down 0.6% on the year. Wage growth also continues to moderate, another sign of a soft market. In this episode, we unpack the latest numbers, how it changes the outlook, and what it means for policy

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