News: UPDATE 1-New Zealand unemployment rate hits nearly nine-year low in Q3

• Unemployment drops to 4.6 pct in Q3
• Unemployment at lowest since Q4 2008
• Robust figures unlikely to alter RBNZ's neutral stance - economist

(Recasts, adds implication for central bank, analyst comment)

WELLINGTON, Nov 1 (Reuters) - New Zealand's jobless rate sank to an almost nine-year low in the third quarter, though the strong result was unlikely to alter the central bank's determination to keep rates on hold at a record low.

The unemployment rate dropped to 4.6 percent, the lowest since the fourth quarter of 2008, from 4.8 percent the previous quarter, beating analysts' expectations of 4.7 percent.

That sparked a rally in the New Zealand dollar , which rose to $0.6896 from around $0.6852 before the data release.

The unemployment rate is expected to come under increased focus after the new Labour-led government said it plans to review the central bank legislation that currently has a sole focus on inflation.

Third quarter jobs growth was 2.2 percent, rebounding from a 0.1 percent fall in the second quarter.

But economists cautioned that upbeat readings were unlikely to have much impact on the Reserve Bank of New Zealand (RBNZ) when it meets to set rates on Nov. 9.

"These figures may have been a touch stronger than the RBNZ was expecting, but the Bank will still leave interest rates on hold next week and continue to say rate hikes are a long way off," said Paul Dales, chief Australia and New Zealand economist at Capital Economics.

The RBNZ has said it would keep rates on hold at a record low of 1.75 percent, possibly for years, to boost inflation.

Wages grew 0.7 percent on the quarter for annual growth of 1.9 percent, a three-year high, though the surge was largely on the back of a government regulation to increase pay for care and support workers.

The participation rate grew to 71.1 percent from 70 percent the previous quarter.

(Charlotte Greenfield and Ana Nicolaci da Costa; Editing by G Crosse and Chris Reese) (([email protected]; +64-27-352-8960; Reuters Messaging: [email protected]))

Keyword NEWZEALAND ECONOMY/EMPLOYMENT (UPDATE 1)