Interesting data from Statistics New Zealand today on employment and wages today. They show that New Zealand unemployment unexpectedly rose from a record low in the second quarter but wages rose at the fastest pace in 14 years – though still well below inflation – suggesting the central bank may need to keep raising interest rates aggressively to tame inflation.
The jobless rate climbed to 3.3% from 3.2% in the first quarter, which was the lowest level since records began in 1986. Economists expected a decline to 3.1%. Employment was unchanged from the previous three months. The underutilisation rate was 9.2 percent, compared to 9.3 percent in the March 2022 quarter.
Wage inflation, measured by the labour cost index (LCI), was 3.4 percent in the year ended June 2022, the fastest since 2008 and up from 3.0 percent in the year ended March 2022, while average ordinary time hourly earnings rose 6.4 percent. While wages have lifted over the past year, annual consumer price inflation has exceeded annual wage inflation over the same period. The consumers price index (CPI) increased 7.3 percent in the year ended June 2022.
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