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Westpac Take On Q1 Employment Report

NEW ZEALAND

Westpac note the labor market remains tight and y/y wages growth is yet to peak, but we are getting closer: "Overall, the details of these surveys can be summed up by looking at the unemployment rate. The labour market is tight (3.4% is still very low compared to history), albeit past its hottest point (compared to the record low of 3.2% last year), and it isn’t deteriorating in any meaningful way yet. Wage pressures haven’t yet peaked on an annual basis, but are getting close to that point."

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