Jobs data unlikely to ruffle RBNZ's feathers

Wed, 06 Nov 2019

Wage growth hit a 10-year high in the September quarter, but it won’t offer much relief to the Reserve Bank as it was all down to pay settlements.Public and private sector wage inflation - as measured by the labour cost index - rose a quarterly 0.8 percent and an annual 2.4 percent. It was the largest annual increase since the June 2009 quarter, Stats NZ said.However, if a lift in the minimum wage and a series of pay settlements were stripped out, the annual lift would have been a more modest 1.8 percent. That number continues to point to tepid...

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