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NEW ZEALAND: Labour Market Softening Weighs On Wage Growth

NEW ZEALAND
APACNew ZealandBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

Wages growth is slowing as the labour market softens. Private wages rose 0.6% q/q after 0.9% in Q2, the slowest quarterly pace since Q1 2021, which should reassure the RBNZ that the labour market is now helping with the process of disinflation. Total labour costs also slowed with the index up 0.6% q/q & 3.8% y/y, slowest since Q2 2022, down from 1.2% & 4.3%. New public sector pay agreements had boosted labour costs in Q2 but there were no new ones in Q3 to add to this overall wage measure.

NZ wages growth y/y%

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Wages growth is slowing as the labour market softens. Private wages rose 0.6% q/q after 0.9% in Q2, the slowest quarterly pace since Q1 2021, which should reassure the RBNZ that the labour market is now helping with the process of disinflation. Total labour costs also slowed with the index up 0.6% q/q & 3.8% y/y, slowest since Q2 2022, down from 1.2% & 4.3%. New public sector pay agreements had boosted labour costs in Q2 but there were no new ones in Q3 to add to this overall wage measure.

NZ wages growth y/y%

Keep reading...Show less