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ASB write "the Q1 labour market.........>

NEW ZEALAND: ASB write "the Q1 labour market prints are expected to rebound from
their Q4 "weakness", with elevated labour market utilisation and a
historically-low unemployment rate. We expect modest increases in labour costs,
with a 0.4% qoq increase in the Private Sector Labour Cost Index (LCI) and
annual LCI wage inflation steady at 2.0%. Our expectation is that the labour
market will remain tight over 2019, but that wage growth will fail to fire
sufficiently to push medium-term inflation higher. We expect 50bps of OCR cuts
over 2019."
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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