NZ Q3 unemployment rate of 4.6% (exp 4.7%)

New Zealand, July — September jobs report — The two «stars» the results of this report are the unemployment rate and employment change

Unemployment rate: 4.6% BEAT …

  • expected 4.7%, prior was 4.8%

Employment change q/q: 2.2% … huge beat

  • expected 0.8%, prior was -0.2%

Employment change y/y: 4.2% … huge beat

  • expected 2.5%, prior was 3.1%

NZD to jump on the great results

But wait there’s more …

Participation rate: 71.1% … the unemployment rate decrease and a strong increase in this — nice!!

  • expected 70.2%, prior was 70.0%

The average hourly earnings: +1.2% beat …

  • expected 1.1%, prior 0.8%

Private wages including overtime: 0.7% beat …

  • expected 0.6%, prior was 0.4%

Private wages excluding overtime: +0.7% in% online …

  • expected 0.7%, prior was 0.4%


  • While two of the wages of the measures were defeated, wage growth is still slow.
  • Note that u/e is now at 8 years
  • The under-utilisation rate unchanged q/q and down y/y (11.8%, down from 12.3% a year earlier) … an improvement, but the work to be done here
  • the higher the labor force participation rate record
  • The labour cost index (LCI) +1.9% y/y (+1.7% y/y in the previous report — Q2), it is the largest y/y increase since the month of September 2012 quarter

—ps. while eco data is important, a large part of the recent developments in the NZD has been affected by the policy — the change of government. NZD to jump on this report and if!-Also note that the new government will add employment to mandate of the RBNZ Act … but on the basis of recent jobs growth in new zealand, this seems not necessary. What could go wrong?

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