Those two in the headline are the, well, headline results for the New Zealand jobs report
Unemployment rate: 4.5% BIG BEAT
- expected 4.7%, prior was 4.6%
Employment change q/q: 0.5% ALSO A BEAT
- expected 0.4%, prior was 2.2%
Employment change y/y: 3.7
- expected 3.6%, prior was 4.2%
Participation rate: 71.0%
- expected 71.0%, prior was 71.1%
Average hourly earnings: 0.8% ... and LOOKY HERE - wage growth above expectations
- expected 0.5%, prior was 1.2%
Private wages including overtime: 0.4%
- expected 0.5%, prior was 0.7%
Private wages excluding overtime: 0.4%
- expected 0.5%, prior was 0.7%
GREAT numbers from the NZ jobs report. NZD marked higher immediately.
The results need to be read in the context of everyone was expecting some 'give back' after strong Q3 results. Yes, there has been a pullback but its not as large as expected.
Whlle the RBNZ will be on hold tomorrow these results will add to rate hike expectations in the future.
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And don't forget .... Reserve Bank of New Zealand meet tomorrow
- announcement due at 2000 GMT Wednesday 7 February 2018
Previews to come ...
