New Zealand’s employment grew 0.4% qoq in Q4, slightly above expectation of 0.3% qoq. Unemployment rate ticked up from 3.9% to 4.0%, below expectation of 4.3%. Labor force participation rate fell from 72.0% to 71.9%.
Labor cost index for salary and wage rates, inclusive of overtime, recorded a 4.3% yoy increase, maintaining the same annual growth rate observed in the preceding three quarters of the year.
The Quarterly Employment Survey revealed a notable 6.9% yoy increase in average ordinary time hourly earnings, with public sector wages leading the charge.
Public sector hourly earnings surged by 7.4% yoy, marking the largest annual increase since March 2006 quarter, up from previous quarter’s 5.4%. In contrast, private sector had a slight deceleration to 6.6% yoy, down from 7.1% yoy in previous quarter.
