The quarterly employment report from New Zealand
Unemployment rate: 3.9% …. HUGE BEAT
- expected 4.4%, prior was 4.4%, revised from 4.5%
Employment change q/q: 1.1% … ditto for another huge beat
- expected 0.5%, prior was 0.5%
Employment change y/y: 2.8% BEAT
- expected 2.0%, prior was 3.7%
Participation rate: 71.1% rising even as unemployment falls, another strong sign in this report
- expected 70.9%, prior was 70.9%
Average hourly earnings: 1.4% HUGE BEAT here also
- expected 0.8%, prior was 0.2%
Private wages including overtime: 0.5%
- expected 0.5%, prior was 0.6%
Private wages excluding overtime: 0.5%
- expected 0.5%, prior was 0.6%
This is not one of the those mixed reports, this is very strong across the board. Job growth beat, unemployment neat, participation higher, hourly wages up.
Bears, back in your hole please.
