NZD traders heads up – New Zealand employment report due Wednesday (local time)

Official NZ jobs data is due once a quarter.

From NZ on Wednesday in NZ (which will be Tuesday evening GMT) is the Q1 data

  • due at 2245 GMT on 04 May 2021 
  • Unemployment rate expected 4.9%, prior 4.9%

  • Employment change expected 0.3% q/q, prior 0.6%

  • Employment change expected -0.1% y/y, prior 0.7%

  • Participation rate expected 70.3%, prior 70.2%

  • Private wages excluding overtime expected 0.3% q/q, prior 0.5%

  • Private wages including overtime expected 0.4% q/q, prior 0.5%

  • Average hourly earnings expected 0.7% q/q, prior 1.1%

The monthly job market indicators in NZ are suggestive of a fairly steady level of employment over the first quarter of the year. Job gains will be offset with participation rate gains leaving the jobless rate expected to be unchanged. Wage growth should drop back just a little, Q2 may bring stronger gains for this. 

Tomorrow will also bring the Reserve Bank of New Zealand Financial Stability Report (FSR). The government is very focused on taming the house price boom in NZ and housing will be a key issue in the report. Its probably too soon to expect much detail from the RBNZ on any macroprudential tools it might introduce to address rising prices. 

Official NZ jobs data is due once a quarter.

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