New Zealand Wage Inflation Slowing

02 May 2012 19:00 - Crage Campbell

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New Zealand Wage Inflation Slowing

According to Statistics New Zealand, New Zealand wage inflation slowed between January and March this year leaving the overall labour costs benign enough to let the central bank keep interest rates on hold for longer. The labour cost index rose 0.4% in the first three months of 2012. Private sector wage costs grew 0.5% and private sector staff in agriculture, fisheries and forestry sectors reported the fastest wage growth at 0.8%. This pace of wage inflation will let the Reserve Bank continue to hold off raising the official cash rate as they contend with a strong currency dampening imported inflation and volatile overseas markets raising the threat of volatility

According to another report, the Quarterly Employment Survey (QES), total private sector average hourly earnings rose 1.3% to $24.90 with a 2.1% gain in overtime. Total public sector hour rates jumped 2.8% to $34.82 and the overall hourly rate rose 1.4% to $26.96. The QES figures showed total filled jobs dropped 1.2% to 1.69 million in the quarter, though were flat on a seasonally adjusted basis. Full-time equivalent positions fell 0.6% to 1.33 million in the quarter

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Related Links:
• Statistics New Zealand
Labour Cost Index
• Statistics New Zealand
Quarterly Employment Survey
• Latest News
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