News: UPDATE 1-New Zealand's second-quarter unemployment rate dips slightly

(Updates to add detail from Statistics New Zealand, economist comment, NZD reaction)

WELLINGTON, Aug 17 (Reuters) - New Zealand's unemployment rate fell to 5.1 percent in the second quarter, Statistics New Zealand said on Wednesday, beating expectations.

The agency revised seasonally adjusted first quarter unemployment rate for the first quarter to 5.2 percent from 5.7 percent .

Quarter-on-quarter employment growth was 2.4 percent while the participation rate was 69.7 percent.

Economists polled by Reuters had forecast an unemployment rate of 5.3 percent and employment growth of 0.6 percent. They had also tipped a participation rate of 68.8 percent.

BNZ Senior Economist Craig Ebert said overall the numbers reflected "a robust labour market" although there were issues with interpreting the data after Statistics New Zealand recently revamped the series.

The New Zealand dollar eased slightly after the data, most likely from profit taking, said OM Financial Ltd private client advisor Stuart Ive. The dollar had gained sharply after global dairy prices surged in an overnight auction

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	"New Zealand dollar will remain supported and probably move 

higher again later," he said.