New Zealand just released its employment report for the September 2025 quarter, and while the numbers came in somewhat as expected, they painted a grim picture of a labor market that's still struggling to find its footing. For one thing, the unemployment rate climbed to 5.3%, which is its highest level since December 2016. Not surprisingly, the New Zealand dollar tumbled immediately, falling over 1% against the U.S. dollar, hitting its lowest level since April. Here's what happened, why it matters for forex traders, and what to watch in the coming weeks as the Reserve Bank of New Zealand (RBNZ) prepares its final interest rate decision of the year.