Liz Kendall, senior economist at ANZ, expects to see a small bounce in the New Zealand’s unemployment rate from 3.9% to 4.1% in Q4.
Key Quotes
“Last quarter we saw a large fall, likely reflecting some noise, amidst genuine tightening in the labour market. But while the labour market is in a strong position, we may have seen the best this cycle has to offer.”
“Wage inflation is expected to have firmed to 2.1% y/y, reflecting previous tightening in the labour market, the higher minimum wage, and a boost from last year’s nurses’ pay settlement. But underlying wage inflation is expected to continue to improve only gradually.”
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