New Zealand Q1 Household Labour Force Survey & Labour Cost index
Unemployment rate: 5.7%
- expected 5.5%, prior was 5.3%
Employment change 1.2% q/q
- expected +0.6%, prior was +0.9%
Employment change 2.0% y/y
- expected +1.3%, prior was +1.3%
Participation rate 69.0%
- expected 68.6%, prior was 68.4%
Average hourly earnings 0.3%
- expected +0.5%, prior was 0.2%
Private wages including overtime 0.4%
- expected 0.3%, prior was 0.4%
Private wages excluding overtime 0.4%
- expected 0.3%, prior was 0.4%
Unemployment rate a bit higher (insert comment on higher participation rate here ;-)), apart from that the jobs data is better.
The costs data show average hourly earnings missing estimates while private wages a little better.
The jump in the labour force (+38K) was the most in 11 years, since the fourth quarter of 2004. Employment up 28K (+1.2% q/q) the most since Q3 of 2013.
As I said, apart from the rise in unemployment the details of the report are positive and NZD supportive. to the extent they point to better growth and a reduced chance to of further RBNZ easing. Its always worth noting though that employment data is often a lagging indicator.
