New Zealand Q1 Unemployment rate 4.2% (expected 4.4%) & Employment change 0.7% q/q (expected -0.2%)

New Zealand jobs report for Q1 2020

Unemployment rate 4.2% BEAT

• expected 4.4%, prior 4.0%

Employment change 0.7% q/q BEAT

• expected -0.2%, prior 0.0%

Employment change 1.6% y/y BEAT

• expected 0.7%, prior 1.0%

Participation rate 70.4%

• expected 70.0%, prior 70.1%

Private wages excluding overtime 0.3% q/q MISS

• expected 0.5%, prior 0.6%

Private wages including overtime 0.3% q/q MISS

• expected 0.5%, prior 0.6%

Average hourly earnings 1.4% q/q BEAT

• expected 0.9%, prior 0.1%

As I posted earlier in the preview (link below) these data are of limited applicability, but they are showing that the NZ jobs market went into the crisis in better shape than expected, which is a positive.

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Background to the release:

• Heads up for New Zealand jobs data due soon