HiFX Data Update - NZ Q2 Employment Release

HiFX Data Update - NZ Q2 Employment Release

The NZ Employment numbers for Q2 have just been released.

They came in worse than expected overall.

NZ Employment data for Q2 was:

- Employment (Q/Q) -0.2% (consensus 0.7%)
- Employment (Y/Y) 3.1% (consensus 4.1%)
- Unemployment Rate 4.8% (consensus 4.8%)
- Participation Rate 70.0% (consensus 70.6%)

Private ordinary time wages grew +0.4% in Q2 and +1.6% on the year - both on expectations.

Q1 employment growth was revised lower to 1.1% from 1.2%.

The highly influential and closely analysed US non-farm payroll employments numbers hit the tapes Friday night. The private sector precursor to these figures, the ADP non-farm employment change, is scheduled for release tonight.

The NZD is lower in immediate response.

Current indicative levels are:

NZD-USD 0.7415 / 0.7440
NZD-AUD 0.9315 / 0.9340
NZD-EUR 0.6280 / 0.6305
NZD-GBP 0.5610 / 0.5635
NZD-JPY 81.85 / 82.10

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