Michael Gordon, Senior Economist at Westpac, notes that New Zealand’s Household Labour Force Survey (HLFS) recorded a 0.5% rise in employment for the June quarter, matching the growth in the working-age population, but with more people actively entering the workforce, the unemployment rate rose slightly from 4.4% to 4.5%.
Key Quotes
“New Zealand’s unemployment rate rose slightly in the June quarter, but in most other respects the details on jobs and wage growth were robust.”
“Annual growth in employment accelerated, and labour force participation remains near record highs.”
“Wage growth has accelerated, albeit slightly, even after accounting for Government mandated pay increases.”
“Today’s reports will provide some comfort to the Reserve Bank that the economy is on track for both full employment and a gradual return to the inflation target.”
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