Labour Market Statistics for the June 2017 quarter in New Zealand out now
Unemployment rate: 4.8%
- expected 4.8%, prior was 4.9%
Employment change q/q: -0.2% a big miss
- expected 0.7%, prior was 1.1%, revised from 1.2%
Employment change y/y: 3.1% a big miss
- expected 4.1%, prior was 5.7%
Participation rate: 70.0%
- expected 70.6%, prior was 70.6%
Average hourly earnings: 0.8%
- expected 0.9%, prior was 0.3%
Private wages including overtime: 0.4%
- expected 0.4%, prior was 0.4%
Private wages excluding overtime: 0.4%
- expected 0.5%, prior was 0.4%
The NZD has been marked lower on that very big miss in 'Employment change'
More:
The employment rate fell to 66.7 percent (4,000 fewer people employed) in the June 2017 quarter
- down from 67.1 percent in the March 2017 quarter
- The drop in employment follows six quarters in which employment rose.
In the year to the June 2017 quarter the labour cost index increased 1.7 percent
- up from 1.6 percent in the year to March 2017
- The recent minimum wage increase contributed to wage inflation in the latest quarter.
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