ICYMI, New Zealand Q1 employment report coming u soon!

Earlier:

And a quick one while we wait, this via TD with what they expect will be implications for the RBNZ decision next week:

  • labour market is tight
  • we expect a pick up in wages growth (0.6% vs mkt 0.5% q/q)
  • The update feeds into the RBNZ's Monetary Policy Statement, which is 'live' despite being the first with a Board. The RBNZ expects a drop in the u-rate to 4.2% (TD 4.2%) well within the estimates of maximum sustainable employment. We look for the 0.4% q/q rise in jobs to lower the u-rate with a pip lower participation rate of 70.8% (mkt 70.9%)."