More on the NZ employment report — responses

Some quick takes on the jobs data from New Zealand earlier:

  • Data is here: NZ Q3 unemployment rate 4.6% (exp 4.7%) 
  • NZD update after big beats in the New Zealand employment report

Paul Dales, chief Australia and New Zealand economist at Capital Economics

  • «The third-quarter employment and wages data aren’t quite as good as they look»
  • «With GDP growth now close to a peak, at some point the pace of the improvement in the labor market will slow»

Sharon Zollner, senior economist at ANZ Bank New Zealand in Auckland

  • «Wage growth appeared broadly stable outside of one-offs in the quarter, but we do believe that conditions for a shift higher are starting to develop»
  • «The labour market, and its subsequent implications for the inflation outlook, remains one of the reasons we are still biased towards OCR hikes in time.»

via Bloomberg

And, more from ANZ:

  • We suspect today’s figures will have few immediate implications for the RBNZ. The monetary policy outlook is far from clear cut.

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