New Zealand employment report recap – nothing to shift the RBNZ's view

The info is right here:

• New Zealand Q3 unemployment price four.eight% (anticipated 5.zero%, prior four.6%)

Westpac have a useful abstract up,

• we don’t suppose that there’s something in at this time’s figures that will shift the RBNZ’s considering for its subsequent coverage resolution on the finish of this month

Hyperlink to the total piece is right here.

My actually concise abstract of their piece (learn the entire thing if you’re buying and selling NZ markets, although, there’s rather more in it than what I’ve right here):

• New Zealand’s labour market continues to weaken, reflecting a protracted recession.
• Unemployment rose from four.6% to four.eight% in Q3, the best since December 2020, however under expectations because of a drop in labour drive participation.
• Employment fell by zero.5%, aligning with Month-to-month Employment Indicator (MEI) and Quarterly Employment Survey (QES) knowledge.
• Labour drive participation dropped from 71.7% to 71.2%, largely because of younger folks (15-24 years) exiting the workforce as migration rebounds.
• Wage development slowed, with Labour Price Index (LCI) up zero.6% for the quarter; public sector wages rose by zero.9%.
• Wage and employment tendencies recommend easing inflation pressures, although unlikely to change the Reserve Financial institution of New Zealand’s upcoming coverage resolution.

The Reserve Financial institution of New Zealand have launched into a price lower cyle, 75bp of cuts up to now.

This text was written by Aaron Cutchburt at www.ubaidahsan.com.



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