Strong jobs data, wage growth raises odds for February RBNZ rate hike

Reserve Bank of New Zealand. (Image: Getty)

Wed, 07 Feb 2024

The odds of an increase in the official cash rate have risen after Stats New Zealand's Wednesday data release showed a tighter-than-anticipated labour market and continuing wage growth, said economists.NZ’s unemployment rose to 4% in the final quarter of 2023, up from 3.9% in September. The figure is below economist and the central bank projections that unemployment would reach between 4.2% and 4.3%.Annual wage inflation – as measured by the Labour Cost Index (LCI) – dipped slightly but also outpaced forecasts, rising 4.3%...

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