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NZ: Labour Market Conditions
| Consensus | Consensus Range | Actual | Previous | Revised | |
| Employment- Q/Q | 0.1% | 0.1% to 0.2% | 0.5% | 0.2% | |
| Employment -Y/Y | 0.8% | 0.8% to 0.8% | 1.2% | 0.4% | 0.5% |
| Unemployment Rate | 5.4% | 5.4% to 5.4% | 5.6% | 5.3% | 5.4% |
| Labour Market Cost Index - Q/Q | 0.7% | 0.5% | |||
| Labour Market Cost Index - Y/Y | 2.1% | 2.0% |
Highlights
New Zealand labour market statistics for the three months to June showed stronger employment growth but a higher unemployment rate. Labour costs grew at a steady pace. The Reserve Bank of New Zealand raised policy rates from 2.25 percent to 2.5 percent at their most recent meeting last month, citing concerns about the inflation outlook.
Employment rose 0.5 percent on the quarter in the three months to June after advancing 0.2 percent in the three months to March, with employment up 1.5 percent on the year after increasing 0.2 percent previously. The unemployment rate rose from 5.4 percent to 5.6 percent, while the participation rate rose from 70.4 percent to 70.7 percent.
Headline private sector wages growth was slightly stronger in the three months to June. The labour cost index rose 0.7 percent on the quarter after a previous increase of 0.5 percent, while year-on-year growth picked up from 2.0 percent to 2.1 percent.