ONLY CHARTS #320
NZ labour market & wages
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1. New Zealand’s unemployment rate was unchanged at 5.1% in Q1 and against expectations for a small rise. This was lower than the RBNZ’s February MPS forecast but is consistent with our view that the kiwi economy has turned the corner.
Job ads have been pointing to some stabilisation in New Zealand’s labour market conditions.
The labour underutilisation rate in New Zealand - a broader measure of labour market slack - rose modestly in Q1.
2. Employment rose +0.1% q/q in Q1 in New Zealand - in line with the signal from payrolls data - but declined 0.7% y/y.
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