According to analysts at TD Securities, even as New Zealand’s economy is showing signs of slowing, the labour market has held up remarkably well.
Key Quotes
“With the unemployment rate dropping to an 11yr low to 3.9% in Q2, we pencil in a mild reversal for Q3 to 4.1%, an outcome that should not alarm the Bank given its Aug MPS forecasts are ~4.2%. For wages ex-overtime we forecast a +0.5% gain, placing annual wage growth at 2.2%.”
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