Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
Wage growth has peaked in NZ with the total salary & wages (labour cost index) steady at 4.3% y/y in Q2 with the main drivers inflation, market matching and retaining/attracting staff. Private sector rose 1.1% q/q and 4.3% y/y with the public sector lower at 0.6% and 4.2%, which is driven by collective agreements. Given that the minimum wage rose 7.1% on April 1, the increase in the labour cost index remained contained and well below inflation. Average hourly ordinary time earnings ex overtime remained elevated but eased to 6.9% y/y from 7.6%, which was the peak, with the private sector down to 7.7% from 8.2%. Significant moderation in wage growth still needed before the RBNZ eases.
NZ Wages y/y%
Source: MNI - Market News/Refinitiv
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.