Quarterly employment figures from New Zealand, for Q3 2015
Unemployment rate for Q3 6.0%
- expected 6.0%, prior was 5.9%
Employment change -0.4% q/q
- expected +0.4%, prior was +0.2%, revised from +0.3%
Employment change +1.5% y/y
- expected +2.5%, prior was +3.0%
Participation rate 68.6%
- expected 69.3%, prior was 69.3%
Average hourly earnings +0.9%
- expected +1.1%, prior was 1.2%
Private wages including overtime for +0.4%
- expected 0.5%, prior was 0.5%
Private wages excluding overtime +0.4%
- expected 0.5%, prior was 0.5%
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A miss on the numbers, and the NZD marked lower to touch below last night's lows
The q/q fall in employment is the first for 3 years, following the softening in dairy prices, farm incomes and business confidence/conditions.
This result will give added kick to RBNZ rate cut expectations. Inflation is very, very low in NZ, and now employment is falling. Dual mandate anyone?
NZD will be a sell into rallies I should think. For the ditch cross traders, AUD/NZD rallies should continue.
