7 May 2014
NZ jobs to confirm improving labour market
FXStreet (Bali) - According to ANZ Economists, NZ jobs data today should confirm a further pick-up in the labour market.
Key Quotes
"We expect today’s employment data to confirm a further pick-up in the labour market with employment growth forecast to rise 3.4% y/y (an 8 year high) and the unemployment rate to fall to a 5 year low of 5.7% in Q1 (mkt: 5.8%)."
"ANZ job ads have risen 7% in Q1 while ANZBO employment intentions also lifted in early 2014."
"In contrast, wage growth is likely to remain well contained (LCI of 1.8% y/y expected), providing little concern yet for the RBNZ."
"In part this reflects productivity gains, but also a higher participation rate (with net immigration surging over the past year). Anecdotally we are hearing of wage pressures picking up."
Key Quotes
"We expect today’s employment data to confirm a further pick-up in the labour market with employment growth forecast to rise 3.4% y/y (an 8 year high) and the unemployment rate to fall to a 5 year low of 5.7% in Q1 (mkt: 5.8%)."
"ANZ job ads have risen 7% in Q1 while ANZBO employment intentions also lifted in early 2014."
"In contrast, wage growth is likely to remain well contained (LCI of 1.8% y/y expected), providing little concern yet for the RBNZ."
"In part this reflects productivity gains, but also a higher participation rate (with net immigration surging over the past year). Anecdotally we are hearing of wage pressures picking up."