ONLY CHARTS #259
NZ labour market & wages, NZ home listings, Aus PMI
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1. New Zealand’s unemployment rate rose 0.2ppts to 5.1% in Q4 2024. This was in line with the RBNZ’s forecast and keeps the door wide open for another 50bp OCR cut on 19 February.
The labour underutilisation rate in New Zealand - a broader measure of labour market slack - also rose in Q4.
2. Employment fell 0.1% q/q and 1.1% y/y in Q4 in New Zealand, broadly in line with the signal from payrolls data.
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