NZ wage inflation speeds more than consumer prices in 2Q 7 Aug 2012
- MARKET CLOSE: NZX 50 falls, led by Sky TV on football rival Business
- Wynyard shares to list near bottom of range, at $1.15 Business
- Online start-up seeks rapid uptake of English football Business
- NZ dollar almost unchanged as traders await Fed Business
- ‘Lean with us’ tour to support America’s Cup challenge Sport
- RBNZ eyes holes in payment system supervision Business
- Coordinated winter resilience programme rolled out News
- MPs privilege vital against Hanover-style suits, Parker says Business
- Energy Mad sells stake in Chinese JV factory for $1.7M Business
- Community Internship Programme applications open News
NZ wage inflation accelerates more than consumer prices in 2Q, hours worked rises
By Paul McBeth
Aug. 7 (BusinessDesk) - New Zealand wage inflation outpaced gains in consumer prices in the second quarter as employers added to their payrolls with longer hours worked in the period.
Private sector salary and ordinary time wages rose 0.5 percent in the three months ended June 30, according to Statistics New Zealand. That was a faster pace than the 0.3 percent increase in consumer prices, and matched expectations in a Reuters survey of economists. The annual pace of wage inflation was 2.1 percent.
The number of total filled jobs rose 2 percent in the quarter to 1.72 million and weekly paid hours advanced 2.2 percent to 52.2 million, according to the Quarterly Employment Survey, released at the same time. Economists were picking growth of just 0.3 percent for each.
Today's release comes ahead of the household labour force survey, which includes the headline unemployment rate, and signals an improving jobs market after the workforce swelled to a three-year high in the first three months of the year.
New Zealand's labour market has been slow to recover from the nation's deepest recession in two decades, with employers more willing to take on part-time staff than stack their books with full-timers. The unemployment rate unexpectedly rose to 6.7 percent in the first quarter as the increase in people looking for jobs wasn't met by available work.
The number of full-time employees rose 1.2 percent in the quarter to 1.12 million, with a 4.6 percent gain in construction, while part-time positions rose 4. 1 percent to 470,000, led by a seasonal turnaround in education, and an increase in information, media and telecommunications staff.
Full-time equivalent positions advanced 1.7 percent to 1.35 million in the quarter, for an annual increase of 2 percent.
Total weekly gross earnings rose 2.3 percent to $1.41 billion in the quarter, for a 5.2 percent annual increase. Average hourly wages advanced 0.2 percent to a total $24.96 in the private sector, short of the 0.7 percent growth forecast by economists.
Public sector pay rates fell 1.5 percent to $34.31, leading to a 0.1 percent decline in combined average hourly earnings to $27.
19 Jun 2013 News
New Zealand Government Hon Chris TremainMinister of Internal Affairs 19 June 2013 Package of reforms planned for Class... more
19 Jun 2013 Business News
Article - BusinessDesk Dairy product prices halt slide in GDT auction, rise 1.1% June 19 (BusinessDesk) - Prices of dairy ... more
19 Jun 2013 Business News
Article - BusinessDesk AMP Capital NZ lifts FY fee income by 34% on Axa inflows, stronger markets June 18 (BusinessDesk)... more
19 Jun 2013 Entertainment
NZ Music Commission Outward Sound Recipients Round 2 2013 Outward Sound is pleased to announce the 2nd round of grant recipients for... more
19 Jun 2013 Property
Call to ban foreign buyers or impose tax on top of property sale price. Australians are contributing to New Zealand's skyrocketing... more
18 Jun 2013 Migration
David Blaker says the predicted 'extra million' residents by 2030 is highly exaggerated. Debate over Auckland's future has presented... more
19 Jun 2013 Travel & Tourism
Air New Zealand’s Premium Economy Class has taken top honours overnight at the prestigious 2013 Skytrax World... more
Travelers Down Under Have More Freedom to Explore the South Pacific with the Air New Zealand Explorer Pass
18 Jun 2013 Travel & Tourism
19 Jun 2013 Rugby
British and Irish Lions wing more
14 Jun 2013 Opinion
Column - Gordon Campbell Gordon Campbell on why everyone has a stake in surveillance reduction In a week dominated by... more
12 Jun 2013 Column
Before I became Editor for NZNewsUK, I had the fantastic opportunity as the Location Coordinator for the Hollywood Blockbuster movie,... more
16 Jun 2013 People
The composer who wrote music for the royal wedding has written a lullaby for the Duke and Duchess of Cambridge's baby, to be sung by... more
19 Jun 2013 Recruitment
A variety of factors mean Auckland and Christchurch will be the hubs of economic growth over the next few years