New Zealand jobs report for Q2 2020
Unemployment rate 4.0% for a stonkingly huge beat
expected 5.6%, prior 4.2%
Employment change -0.4% q/q
expected -2.0% q/q, prior +0.7%
Employment change +1.2% y/y
expected -1.2% y/y, prior 1.6%
Participation rate 69.7%
expected 69.7%, prior 70.4%
Private wages excluding overtime +0.2% q/q
expected 0.4% q/q, prior 0.3%
Private wages including overtime +0.2% q/q
expected 0.4% q/q, prior 0.3%
Average hourly earnings +0.4% q/q
expected 0.5% q/q, prior 1.4%
More:
- Hours worked -10.3% (record fall)
- Underutilisation 12.0& (prior 10.4%), largest rise on record
- Number of people not in the Labour Force rose 37,000
NZD popped above its earlier high level of circa 0.6625