New Zealand employment grew 0.6% in Q1, above expectation of 0.3% qoq. Unemployment rate dropped to 4.7%, down from 4.9%, better than expectation of 4.9%. Labor force participation rate rose 0.1% to 70.4%. Labor cost index rose 0.4% qoq, above expectation of 0.3% qoq.
“There have been some gains in labour market outcomes, especially for women, over the past two quarters. However, annual changes indicate the labour market still hasn’t returned to pre-COVID-19 levels for men or women,” work, wealth, and wellbeing statistics senior manager Sean Broughton said.
