NZD: Robust Labour Market Report - TDS
Research Team at TDS, notes that the NZ’s Q1 labour market report was
robust with the u/e rate jump from 5.4% to 5.7% due to the participation
rate slightly outpacing a strong lift in employment (+1.2%/qtr).
“Wages well contained, although qtrly rate +0.4% cf mkt +0.3%. House price inflation accelerated in April, +12%/yr from 11.4% in March, the first pick-up since November. Auckland house prices rose 1.5% in the 3mths to April, with national prices rising 2.1% over the same period. Low rates suggest home prices should increase further.
Overnight, average dairy prices fell 1.4% at the Fonterra dairy auction even though volumes dropped nearly 3%.”