Economists' uncertainty regarding the Reserve Bank's upcoming Official Cash Rate moves speaks to how inconsistent its messaging has been.  

Stats NZ data has the unemployment rate at 4.6% in the June quarter, up from 4.4% in March.  

It's one factor the Reserve Bank considers when weighing up whether to cut the Official Cash Rate. 

Infometrics principal economist Brad Olsen told Mike Hosking a couple of banks are picking an August cut, others November, and some think next year.  

He says it's not that they're looking at the economic data and drawing different conclusions, they're looking at the data and wondering what on earth the Reserve Bank will do. 

LISTEN ABOVE 

• OCR cut less likely as unemployment rises
• Unemployment rose to 4.6% in the June quarter. But will that prompt a rate cut?