ADP report came in well below forecast

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New releases confirm the investors’ expectation of New Zeeland’s unemployment rate rising to 5.9%, a small increase since Q1’s 5.8%. Although the unemployment was in forecast, the job growth remained at 0.3% in Q2 versus the expected 0.5%. Also, a miss was the expected 69.6% in participation rate (constant from Q1), which turned out 69.3%. Regarding labor costs, the quarterly reading is +0.5% and ...

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